AST MULTI-SECTOR FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Long-Term Investments — 98.3% | |||||||
Asset-Backed Securities — 0.9% | |||||||
Collateralized Loan Obligations | |||||||
Anchorage Capital CLO Ltd. (Cayman Islands), | |||||||
Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | |||||||
6.771%(c) | 01/19/35 | 40,000 | $39,872,776 | ||||
Benefit Street Partners CLO Ltd. (Cayman Islands), | |||||||
Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | |||||||
6.746%(c) | 10/15/34 | 42,500 | 42,522,057 | ||||
Madison Park Funding Ltd. (Cayman Islands), | |||||||
Series 2018-30A, Class A, 144A, 3 Month SOFR + 1.012% (Cap N/A, Floor 1.012%) | |||||||
6.326%(c) | 04/15/29 | 17,216 | 17,215,888 | ||||
Total Asset-Backed Securities (cost $99,654,118) | 99,610,721 | ||||||
Commercial Mortgage-Backed Securities — 6.2% | |||||||
BANK, | |||||||
Series 2018-BN15, Class A3 | |||||||
4.138% | 11/15/61 | 12,743 | 12,352,390 | ||||
Benchmark Mortgage Trust, | |||||||
Series 2018-B07, Class A3 | |||||||
4.241% | 05/15/53 | 13,000 | 12,325,097 | ||||
CD Mortgage Trust, | |||||||
Series 2018-CD07, Class A3 | |||||||
4.013% | 08/15/51 | 24,863 | 23,501,731 | ||||
Citigroup Commercial Mortgage Trust, | |||||||
Series 2015-GC31, Class A3 | |||||||
3.497% | 06/10/48 | 13,585 | 13,250,235 | ||||
Series 2015-GC33, Class A3 | |||||||
3.515% | 09/10/58 | 18,252 | 17,800,179 | ||||
Series 2016-C01, Class A3 | |||||||
2.944% | 05/10/49 | 19,879 | 18,949,332 | ||||
Series 2016-C02, Class A3 | |||||||
2.575% | 08/10/49 | 16,907 | 15,982,267 | ||||
Series 2016-P04, Class A3 | |||||||
2.646% | 07/10/49 | 35,000 | 33,079,697 | ||||
Series 2016-P06, Class A4 | |||||||
3.458% | 12/10/49 | 4,877 | 4,657,640 | ||||
Series 2017-P07, Class A3 | |||||||
3.442% | 04/14/50 | 17,818 | 16,917,189 | ||||
Series 2018-C06, Class A3 | |||||||
4.145% | 11/10/51 | 16,375 | 15,316,243 | ||||
Commercial Mortgage Trust, | |||||||
Series 2014-UBS04, Class A4 | |||||||
3.420% | 08/10/47 | 7,924 | 7,902,814 | ||||
Series 2015-CR26, Class A3 | |||||||
3.359% | 10/10/48 | 14,603 | 14,206,187 | ||||
Series 2015-LC21, Class A3 | |||||||
3.445% | 07/10/48 | 11,365 | 11,140,488 | ||||
Series 2016-COR01, Class A3 | |||||||
2.826% | 10/10/49 | 24,738 | 23,338,924 | ||||
Series 2017-COR02, Class A2 | |||||||
3.239% | 09/10/50 | 38,294 | 36,155,943 | ||||
CSAIL Commercial Mortgage Trust, | |||||||
Series 2015-C03, Class A3 | |||||||
3.447% | 08/15/48 | 16,469 | 16,107,307 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Series 2018-CX11, Class A4 | |||||||
3.766% | 04/15/51 | 15,000 | $14,384,364 | ||||
Deutsche Bank Commercial Mortgage Trust, | |||||||
Series 2016-C01, Class A3A | |||||||
3.015% | 05/10/49 | 8,811 | 8,394,048 | ||||
Series 2016-C03, Class A4 | |||||||
2.632% | 08/10/49 | 10,641 | 10,062,858 | ||||
Series 2017-C06, Class A3 | |||||||
3.269% | 06/10/50 | 32,466 | 31,568,055 | ||||
GS Mortgage Securities Trust, | |||||||
Series 2014-GC22, Class A4 | |||||||
3.587% | 06/10/47 | 1,420 | 1,416,617 | ||||
Series 2016-GS02, Class A3 | |||||||
2.791% | 05/10/49 | 19,494 | 18,549,640 | ||||
Series 2016-GS03, Class A3 | |||||||
2.592% | 10/10/49 | 22,900 | 21,571,962 | ||||
JPMBB Commercial Mortgage Securities Trust, | |||||||
Series 2014-C22, Class A3A1 | |||||||
3.538% | 09/15/47 | 5,999 | 5,970,079 | ||||
Series 2015-C30, Class A4 | |||||||
3.551% | 07/15/48 | 11,456 | 11,088,566 | ||||
JPMCC Commercial Mortgage Securities Trust, | |||||||
Series 2019-COR04, Class A4 | |||||||
3.758% | 03/10/52 | 50,750 | 47,042,378 | ||||
JPMorgan Chase Commercial Mortgage Securities Trust, | |||||||
Series 2016-JP02, Class A3 | |||||||
2.559% | 08/15/49 | 12,116 | 11,505,143 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust, | |||||||
Series 2015-C27, Class A3 | |||||||
3.473% | 12/15/47 | 15,008 | 14,681,273 | ||||
Morgan Stanley Capital I Trust, | |||||||
Series 2016-UB11, Class A3 | |||||||
2.531% | 08/15/49 | 9,765 | 9,184,033 | ||||
UBS Commercial Mortgage Trust, | |||||||
Series 2017-C05, Class A4 | |||||||
3.212% | 11/15/50 | 10,000 | 9,391,335 | ||||
Series 2018-C12, Class A4 (original cost $25,249,863; purchased 08/03/18)(f) | |||||||
4.030% | 08/15/51 | 25,000 | 23,914,685 | ||||
Wells Fargo Commercial Mortgage Trust, | |||||||
Series 2015-C29, Class A3 | |||||||
3.368% | 06/15/48 | 8,777 | 8,574,584 | ||||
Series 2015-LC20, Class A4 | |||||||
2.925% | 04/15/50 | 15,000 | 14,564,327 | ||||
Series 2016-C35, Class A3 | |||||||
2.674% | 07/15/48 | 22,106 | 20,994,826 | ||||
Series 2016-LC24, Class A3 | |||||||
2.684% | 10/15/49 | 29,805 | 28,283,843 | ||||
Series 2016-NXS06, Class A3 | |||||||
2.642% | 11/15/49 | 20,000 | 19,006,344 | ||||
Series 2017-C42, Class A3 | |||||||
3.330% | 12/15/50 | 15,000 | 13,898,838 | ||||
Series 2019-C49, Class A4 | |||||||
3.760% | 03/15/52 | 28,500 | 27,089,051 |
A1
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Series 2019-C51, Class A3 | |||||||
3.055% | 06/15/52 | 33,149 | $29,790,135 | ||||
Total Commercial Mortgage-Backed Securities (cost $735,559,019) | 693,910,647 | ||||||
Corporate Bonds — 88.5% | |||||||
Aerospace & Defense — 1.8% | |||||||
Boeing Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
3.600% | 05/01/34 | 15,951 | 13,229,269 | ||||
3.625% | 03/01/48 | 10,905 | 7,441,742 | ||||
3.650% | 03/01/47 | 8,861 | 6,205,278 | ||||
3.750% | 02/01/50 | 4,050 | 2,817,663 | ||||
3.850% | 11/01/48 | 6,466 | 4,552,050 | ||||
3.900% | 05/01/49 | 17,990 | 12,819,593 | ||||
3.950% | 08/01/59 | 8,125 | 5,560,879 | ||||
5.805% | 05/01/50 | 33,266 | 31,462,797 | ||||
5.930% | 05/01/60 | 56,888 | 53,283,301 | ||||
7.875% | 04/15/43 | 13,929 | 16,634,680 | ||||
Lockheed Martin Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.800% | 03/01/45 | 3,218 | 2,637,641 | ||||
5.700% | 11/15/54 | 11,875 | 12,654,581 | ||||
5.900% | 11/15/63 | 7,625 | 8,354,020 | ||||
Northrop Grumman Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 06/01/43 | 500 | 460,739 | ||||
Northrop Grumman Systems Corp., | |||||||
Gtd. Notes | |||||||
7.875% | 03/01/26 | 2,000 | 2,106,744 | ||||
RTX Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 11/01/46 | 3,050 | 2,363,874 | ||||
4.150% | 05/15/45 | 1,150 | 954,233 | ||||
4.875% | 10/15/40 | 1,320 | 1,233,496 | ||||
6.400% | 03/15/54 | 9,581 | 10,850,639 | ||||
195,623,219 | |||||||
Agriculture — 0.6% | |||||||
Altria Group, Inc., | |||||||
Gtd. Notes | |||||||
3.400% | 02/04/41 | 4,220 | 3,098,452 | ||||
BAT Capital Corp. (United Kingdom), | |||||||
Gtd. Notes | |||||||
3.557% | 08/15/27 | 3,987 | 3,773,139 | ||||
4.390% | 08/15/37 | 39,700 | 33,366,062 | ||||
4.700% | 04/02/27 | 5,130 | 5,047,291 | ||||
Philip Morris International, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
5.375% | 02/15/33 | 6,600 | 6,646,894 | ||||
Reynolds American, Inc. (United Kingdom), | |||||||
Gtd. Notes | |||||||
5.700% | 08/15/35 | 2,240 | 2,177,819 | ||||
5.850% | 08/15/45 | 6,490 | 6,036,258 | ||||
7.000% | 08/04/41 | 3,275 | 3,416,288 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Agriculture (cont’d.) | |||||||
8.125% | 05/01/40 | 650 | $752,120 | ||||
64,314,323 | |||||||
Airlines — 0.5% | |||||||
American Airlines 2013-1 Class A Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
4.000% | 01/15/27 | 2,174 | 2,106,752 | ||||
American Airlines 2015-1 Class A Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
3.375% | 11/01/28 | 6,998 | 6,609,998 | ||||
American Airlines 2015-2 Class AA Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
3.600% | 03/22/29 | 2,627 | 2,483,970 | ||||
American Airlines 2016-1 Class AA Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
3.575% | 07/15/29 | 3,467 | 3,245,733 | ||||
Delta Air Lines, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 10/28/29(a) | 14,229 | 13,102,461 | ||||
Delta Air Lines, Inc./SkyMiles IP Ltd., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.500% | 10/20/25 | 1,207 | 1,193,916 | ||||
4.750% | 10/20/28 | 2,645 | 2,585,488 | ||||
Southwest Airlines Co., | |||||||
Sr. Unsec’d. Notes | |||||||
5.125% | 06/15/27(a) | 7,520 | 7,507,717 | ||||
U.S. Airways 2013-1 Class A Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
3.950% | 05/15/27 | 114 | 111,027 | ||||
United Airlines 2014-1 Class A Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
4.000% | 10/11/27 | 920 | 890,948 | ||||
United Airlines 2014-2 Class A Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
3.750% | 03/03/28 | 2,894 | 2,803,271 | ||||
United Airlines 2016-2 Class AA Pass-Through Trust, | |||||||
Pass-Through Certificates | |||||||
2.875% | 04/07/30 | 15,820 | 14,329,419 | ||||
United Airlines, Inc., | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.625% | 04/15/29 | 4,175 | 3,883,980 | ||||
60,854,680 | |||||||
Auto Manufacturers — 1.5% | |||||||
Ford Holdings LLC, | |||||||
Gtd. Notes | |||||||
9.300% | 03/01/30 | 968 | 1,115,502 | ||||
Ford Motor Co., | |||||||
Sr. Unsec’d. Notes | |||||||
3.250% | 02/12/32(a) | 5,650 | 4,702,762 | ||||
4.750% | 01/15/43 | 6,670 | 5,525,644 | ||||
7.750% | 06/15/43 | 1,510 | 1,687,998 | ||||
Ford Motor Credit Co. LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.271% | 01/09/27 | 1,775 | 1,707,207 | ||||
4.687% | 06/09/25 | 34,740 | 34,295,054 |
A2
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Auto Manufacturers (cont’d.) | |||||||
General Motors Co., | |||||||
Sr. Unsec’d. Notes | |||||||
5.000% | 04/01/35 | 3,785 | $3,590,043 | ||||
5.150% | 04/01/38 | 3,890 | 3,652,512 | ||||
5.200% | 04/01/45 | 22,128 | 19,897,949 | ||||
5.400% | 04/01/48(a) | 4,065 | 3,725,505 | ||||
6.250% | 10/02/43 | 36,195 | 36,995,113 | ||||
6.600% | 04/01/36 | 13,335 | 14,175,952 | ||||
General Motors Financial Co., Inc., | |||||||
Gtd. Notes | |||||||
3.950% | 04/13/24 | 3,525 | 3,520,454 | ||||
4.000% | 01/15/25 | 372 | 367,077 | ||||
4.000% | 10/06/26(a) | 6,525 | 6,323,397 | ||||
4.300% | 07/13/25 | 440 | 433,180 | ||||
4.350% | 01/17/27 | 3,320 | 3,242,495 | ||||
5.250% | 03/01/26 | 11,130 | 11,101,812 | ||||
Volkswagen International Finance NV (Germany), | |||||||
Gtd. Notes, Series 10Y | |||||||
1.875% | 03/30/27 | EUR | 15,000 | 15,355,164 | |||
171,414,820 | |||||||
Banks — 10.2% | |||||||
Banco Santander SA (Spain), | |||||||
Sr. Non-Preferred Notes | |||||||
3.800% | 02/23/28 | 4,400 | 4,159,645 | ||||
5.294% | 08/18/27 | 8,200 | 8,175,298 | ||||
Bank of America Corp., | |||||||
Jr. Sub. Notes, Series AA | |||||||
6.100%(ff) | 03/17/25(a)(oo) | 1,750 | 1,754,224 | ||||
Jr. Sub. Notes, Series FF | |||||||
5.875%(ff) | 03/15/28(a)(oo) | 3,315 | 3,253,780 | ||||
Jr. Sub. Notes, Series JJ | |||||||
5.125%(ff) | 06/20/24(oo) | 22,000 | 22,025,460 | ||||
Sr. Unsec’d. Notes | |||||||
3.419%(ff) | 12/20/28 | 22,418 | 21,045,044 | ||||
Sr. Unsec’d. Notes, MTN | |||||||
2.676%(ff) | 06/19/41 | 99,540 | 70,697,641 | ||||
2.884%(ff) | 10/22/30 | 11,865 | 10,543,091 | ||||
3.194%(ff) | 07/23/30 | 5,180 | 4,701,343 | ||||
3.824%(ff) | 01/20/28 | 67,232 | 64,751,520 | ||||
4.083%(ff) | 03/20/51 | 38,060 | 31,268,466 | ||||
4.271%(ff) | 07/23/29 | 3,600 | 3,470,425 | ||||
4.443%(ff) | 01/20/48 | 10,675 | 9,362,439 | ||||
Sub. Notes | |||||||
6.110% | 01/29/37 | 1,000 | 1,062,362 | ||||
Sub. Notes, MTN | |||||||
4.450% | 03/03/26 | 18,340 | 18,074,368 | ||||
Sub. Notes, Series L, MTN | |||||||
3.950% | 04/21/25 | 10,185 | 10,017,462 | ||||
Bank of New York Mellon Corp. (The), | |||||||
Jr. Sub. Notes, Series F | |||||||
4.625%(ff) | 09/20/26(oo) | 11,245 | 10,662,773 | ||||
Barclays PLC (United Kingdom), | |||||||
Sr. Unsec’d. Notes | |||||||
3.650% | 03/16/25 | 6,505 | 6,380,339 | ||||
4.375% | 01/12/26 | 10,555 | 10,359,038 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Banks (cont’d.) | |||||||
Sub. Notes | |||||||
5.088%(ff) | 06/20/30 | 7,790 | $7,495,448 | ||||
7.119%(ff) | 06/27/34 | 4,210 | 4,478,470 | ||||
BNP Paribas SA (France), | |||||||
Sr. Non-Preferred Notes, 144A | |||||||
2.871%(ff) | 04/19/32 | 10,000 | 8,456,837 | ||||
3.132%(ff) | 01/20/33 | 20,330 | 17,304,475 | ||||
Sr. Non-Preferred Notes, 144A, MTN | |||||||
3.052%(ff) | 01/13/31 | 12,605 | 11,097,925 | ||||
Sr. Preferred Notes, 144A | |||||||
5.335%(ff) | 06/12/29 | 20,410 | 20,513,034 | ||||
Citigroup, Inc., | |||||||
Jr. Sub. Notes, Series U | |||||||
5.000%(ff) | 09/12/24(a)(oo) | 32,500 | 32,328,734 | ||||
Jr. Sub. Notes, Series V | |||||||
4.700%(ff) | 01/30/25(oo) | 22,970 | 22,472,167 | ||||
Jr. Sub. Notes, Series X | |||||||
3.875%(ff) | 02/18/26(oo) | 3,750 | 3,540,159 | ||||
Sr. Unsec’d. Notes | |||||||
2.561%(ff) | 05/01/32(a) | 24,735 | 20,604,598 | ||||
2.904%(ff) | 11/03/42 | 5,420 | 3,886,053 | ||||
3.668%(ff) | 07/24/28 | 34,800 | 33,090,178 | ||||
3.700% | 01/12/26 | 1,800 | 1,752,925 | ||||
3.887%(ff) | 01/10/28 | 385 | 371,182 | ||||
5.875% | 01/30/42 | 4,115 | 4,356,197 | ||||
6.875% | 02/15/98 | 2,825 | 3,320,936 | ||||
8.125% | 07/15/39 | 2,000 | 2,563,007 | ||||
Sub. Notes | |||||||
4.400% | 06/10/25 | 5,400 | 5,325,136 | ||||
4.450% | 09/29/27 | 3,905 | 3,797,593 | ||||
4.600% | 03/09/26 | 425 | 418,422 | ||||
4.750% | 05/18/46 | 1,045 | 929,417 | ||||
6.174%(ff) | 05/25/34(a) | 2,280 | 2,316,483 | ||||
Credit Suisse AG (Switzerland), | |||||||
Sr. Unsec’d. Notes, MTN | |||||||
3.625% | 09/09/24 | 495 | 490,272 | ||||
Deutsche Bank AG (Germany), | |||||||
Sr. Non-Preferred Notes | |||||||
2.311%(ff) | 11/16/27(a) | 4,260 | 3,890,354 | ||||
2.552%(ff) | 01/07/28 | 1,022 | 937,305 | ||||
Sub. Notes | |||||||
3.729%(ff) | 01/14/32 | 11,800 | 9,923,519 | ||||
3.742%(ff) | 01/07/33 | 8,930 | 7,338,760 | ||||
7.079%(ff) | 02/10/34 | 3,155 | 3,234,562 | ||||
Discover Bank, | |||||||
Sr. Unsec’d. Notes | |||||||
3.450% | 07/27/26 | 2,205 | 2,099,474 | ||||
Goldman Sachs Group, Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
3.210%(ff) | 04/22/42 | 2,975 | 2,232,943 | ||||
Sub. Notes | |||||||
5.150% | 05/22/45 | 8,275 | 7,992,577 | ||||
HSBC Holdings PLC (United Kingdom), | |||||||
Sr. Unsec’d. Notes | |||||||
1.645%(ff) | 04/18/26 | 5,260 | 5,038,196 |
A3
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Banks (cont’d.) | |||||||
ING Groep NV (Netherlands), | |||||||
Sr. Unsec’d. Notes | |||||||
5.550%(ff) | 03/19/35 | 5,600 | $5,556,308 | ||||
Intesa Sanpaolo SpA (Italy), | |||||||
Sr. Preferred Notes, Series XR, 144A, MTN | |||||||
4.000% | 09/23/29(a) | 15,500 | 14,212,494 | ||||
Sub. Notes, 144A | |||||||
4.950%(ff) | 06/01/42 | 4,505 | 3,338,164 | ||||
JPMorgan Chase & Co., | |||||||
Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | |||||||
8.148%(c) | 05/01/24(a)(oo) | 4,400 | 4,408,926 | ||||
Jr. Sub. Notes, Series FF | |||||||
5.000%(ff) | 08/01/24(oo) | 32,730 | 32,634,206 | ||||
Jr. Sub. Notes, Series HH | |||||||
4.600%(ff) | 02/01/25(a)(oo) | 15,730 | 15,502,763 | ||||
Jr. Sub. Notes, Series II | |||||||
4.000%(ff) | 04/01/25(a)(oo) | 26,715 | 25,987,943 | ||||
Sr. Unsec’d. Notes | |||||||
2.069%(ff) | 06/01/29 | 2,035 | 1,804,820 | ||||
2.525%(ff) | 11/19/41 | 34,035 | 23,769,047 | ||||
3.157%(ff) | 04/22/42 | 15,586 | 11,838,549 | ||||
3.328%(ff) | 04/22/52 | 30,890 | 22,374,177 | ||||
3.782%(ff) | 02/01/28 | 5,000 | 4,815,414 | ||||
3.882%(ff) | 07/24/38 | 42,267 | 36,487,829 | ||||
3.897%(ff) | 01/23/49 | 3,000 | 2,443,714 | ||||
3.964%(ff) | 11/15/48 | 57,900 | 47,361,440 | ||||
4.005%(ff) | 04/23/29 | 11,035 | 10,571,965 | ||||
4.032%(ff) | 07/24/48 | 3,525 | 2,921,194 | ||||
4.260%(ff) | 02/22/48 | 31,042 | 26,753,640 | ||||
4.452%(ff) | 12/05/29 | 1,500 | 1,462,461 | ||||
Sub. Notes | |||||||
4.125% | 12/15/26 | 9,450 | 9,214,145 | ||||
Lloyds Banking Group PLC (United Kingdom), | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 01/11/27 | 10,000 | 9,606,617 | ||||
Morgan Stanley, | |||||||
Sr. Unsec’d. Notes | |||||||
3.217%(ff) | 04/22/42 | 4,550 | 3,481,426 | ||||
3.625% | 01/20/27(a) | 2,600 | 2,510,644 | ||||
4.375% | 01/22/47 | 3,800 | 3,332,669 | ||||
4.457%(ff) | 04/22/39 | 8,035 | 7,298,283 | ||||
Sr. Unsec’d. Notes, GMTN | |||||||
3.875% | 01/27/26 | 589 | 575,430 | ||||
4.431%(ff) | 01/23/30 | 27,100 | 26,228,321 | ||||
5.597%(ff) | 03/24/51 | 33,500 | 35,022,519 | ||||
Sr. Unsec’d. Notes, MTN | |||||||
1.928%(ff) | 04/28/32 | 12,595 | 10,108,031 | ||||
3.971%(cc) | 07/22/38 | 17,130 | 14,655,519 | ||||
6.375% | 07/24/42(a) | 20,875 | 23,563,349 | ||||
NatWest Group PLC (United Kingdom), | |||||||
Sr. Unsec’d. Notes | |||||||
4.445%(ff) | 05/08/30 | 6,090 | 5,779,419 | ||||
Societe Generale SA (France), | |||||||
Gtd. Notes, 144A, MTN | |||||||
3.625% | 03/01/41 | 16,230 | 11,123,716 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Banks (cont’d.) | |||||||
Sr. Non-Preferred Notes, 144A | |||||||
2.226%(ff) | 01/21/26 | 10,136 | $9,822,237 | ||||
Sr. Non-Preferred Notes, 144A, MTN | |||||||
2.625% | 01/22/25 | 9,864 | 9,612,910 | ||||
Truist Financial Corp., | |||||||
Jr. Sub. Notes, Series N | |||||||
4.800%(ff) | 09/01/24(oo) | 18,520 | 17,935,751 | ||||
UBS Group AG (Switzerland), | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 03/26/25 | 1,665 | 1,632,951 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
1.305%(ff) | 02/02/27 | 500 | 461,915 | ||||
3.126%(ff) | 08/13/30 | 15,000 | 13,311,355 | ||||
3.869%(ff) | 01/12/29 | 12,455 | 11,769,975 | ||||
4.125% | 09/24/25 | 3,499 | 3,426,308 | ||||
4.282% | 01/09/28 | 7,135 | 6,854,121 | ||||
Wells Fargo & Co., | |||||||
Sr. Unsec’d. Notes, MTN | |||||||
4.611%(ff) | 04/25/53 | 12,450 | 10,984,775 | ||||
5.013%(ff) | 04/04/51 | 5,200 | 4,886,260 | ||||
Sub. Notes, GMTN | |||||||
4.900% | 11/17/45 | 8,905 | 8,021,347 | ||||
Sub. Notes, MTN | |||||||
4.650% | 11/04/44 | 3,135 | 2,735,069 | ||||
4.750% | 12/07/46 | 13,680 | 11,977,137 | ||||
1,135,539,309 | |||||||
Beverages — 2.5% | |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | |||||||
Gtd. Notes | |||||||
4.700% | 02/01/36 | 42,615 | 41,362,563 | ||||
4.900% | 02/01/46 | 100,234 | 95,234,669 | ||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), | |||||||
Gtd. Notes | |||||||
4.375% | 04/15/38 | 32,950 | 30,643,617 | ||||
4.439% | 10/06/48 | 20,305 | 18,049,088 | ||||
4.600% | 04/15/48 | 737 | 671,027 | ||||
5.550% | 01/23/49 | 47,530 | 49,585,185 | ||||
Bacardi Ltd. (Bermuda), | |||||||
Gtd. Notes, 144A | |||||||
4.450% | 05/15/25 | 21,850 | 21,507,150 | ||||
Constellation Brands, Inc., | |||||||
Gtd. Notes | |||||||
5.250% | 11/15/48 | 22,929 | 21,938,243 | ||||
278,991,542 | |||||||
Biotechnology — 0.9% | |||||||
Amgen, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.600% | 08/19/26(a) | 800 | 757,513 | ||||
2.770% | 09/01/53(a) | 7,393 | 4,583,404 | ||||
3.625% | 05/22/24(a) | 4,830 | 4,815,918 | ||||
4.400% | 05/01/45 | 18,243 | 15,838,932 | ||||
4.663% | 06/15/51 | 17,165 | 15,181,315 | ||||
5.150% | 11/15/41 | 6,183 | 5,984,896 |
A4
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Biotechnology (cont’d.) | |||||||
5.600% | 03/02/43 | 17,695 | $17,986,889 | ||||
5.650% | 03/02/53 | 6,875 | 7,006,555 | ||||
5.750% | 03/02/63 | 12,400 | 12,649,728 | ||||
Gilead Sciences, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 02/01/25(a) | 1,177 | 1,158,643 | ||||
3.650% | 03/01/26 | 12,295 | 11,976,041 | ||||
4.500% | 02/01/45 | 4,586 | 4,081,753 | ||||
102,021,587 | |||||||
Building Materials — 0.7% | |||||||
Fortune Brands Innovations, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 06/15/25 | 6,850 | 6,719,595 | ||||
Johnson Controls International PLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.625% | 07/02/44 | 5,204 | 4,563,809 | ||||
Macmillan Bloedel Pembroke LP (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
7.700% | 02/15/26 | 1,500 | 1,558,619 | ||||
Martin Marietta Materials, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 07/02/24 | 1,125 | 1,120,292 | ||||
4.250% | 12/15/47 | 2,150 | 1,812,543 | ||||
Owens Corning, | |||||||
Sr. Unsec’d. Notes | |||||||
3.950% | 08/15/29 | 2,700 | 2,565,678 | ||||
4.200% | 12/01/24 | 4,868 | 4,811,550 | ||||
4.300% | 07/15/47 | 6,279 | 5,188,778 | ||||
4.400% | 01/30/48 | 11,815 | 9,810,825 | ||||
7.000% | 12/01/36 | 22,334 | 25,160,152 | ||||
Vulcan Materials Co., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 06/01/30 | 3,878 | 3,555,965 | ||||
4.500% | 06/15/47 | 16,084 | 13,973,402 | ||||
4.700% | 03/01/48 | 2,117 | 1,902,551 | ||||
82,743,759 | |||||||
Chemicals — 3.1% | |||||||
CF Industries, Inc., | |||||||
Gtd. Notes | |||||||
4.950% | 06/01/43 | 21,248 | 19,023,516 | ||||
5.150% | 03/15/34 | 20,126 | 19,820,758 | ||||
5.375% | 03/15/44 | 24,200 | 22,730,737 | ||||
Gtd. Notes, 144A | |||||||
4.500% | 12/01/26 | 20,768 | 20,269,773 | ||||
Dow Chemical Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 10/01/34 | 4,622 | 4,259,262 | ||||
4.800% | 05/15/49 | 3,720 | 3,265,341 | ||||
5.550% | 11/30/48 | 20,500 | 20,016,857 | ||||
6.900% | 05/15/53 | 31,100 | 35,919,420 | ||||
9.400% | 05/15/39 | 351 | 472,900 | ||||
FMC Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.450% | 10/01/29 | 1,627 | 1,465,288 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Chemicals (cont’d.) | |||||||
6.375% | 05/18/53 | 42,360 | $42,209,178 | ||||
Huntsman International LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
2.950% | 06/15/31 | 24,321 | 20,266,863 | ||||
4.500% | 05/01/29 | 21,700 | 20,726,318 | ||||
LYB International Finance BV, | |||||||
Gtd. Notes | |||||||
5.250% | 07/15/43 | 6 | 5,572 | ||||
LYB International Finance III LLC, | |||||||
Gtd. Notes | |||||||
3.375% | 10/01/40 | 14,014 | 10,489,584 | ||||
3.625% | 04/01/51 | 511 | 361,218 | ||||
4.200% | 10/15/49 | 4,796 | 3,739,944 | ||||
4.200% | 05/01/50 | 20,265 | 15,806,643 | ||||
Mosaic Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
5.625% | 11/15/43 | 8,506 | 8,317,600 | ||||
Nutrien Ltd. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
4.125% | 03/15/35 | 7,241 | 6,551,799 | ||||
4.200% | 04/01/29 | 735 | 708,891 | ||||
4.900% | 06/01/43 | 1,200 | 1,087,282 | ||||
5.000% | 04/01/49 | 6,652 | 6,070,304 | ||||
5.250% | 01/15/45 | 4,832 | 4,528,452 | ||||
5.625% | 12/01/40 | 1,985 | 1,960,122 | ||||
5.800% | 03/27/53 | 34,385 | 34,900,383 | ||||
Orbia Advance Corp. SAB de CV (Mexico), | |||||||
Gtd. Notes, 144A | |||||||
5.500% | 01/15/48 | 2,445 | 2,108,048 | ||||
Union Carbide Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
7.750% | 10/01/96 | 500 | 612,191 | ||||
Westlake Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.375% | 08/15/61 | 2,349 | 1,492,280 | ||||
Yara International ASA (Brazil), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.750% | 06/01/28 | 19,450 | 18,879,143 | ||||
348,065,667 | |||||||
Coal — 0.6% | |||||||
Teck Resources Ltd. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
3.900% | 07/15/30(a) | 5,819 | 5,354,886 | ||||
5.200% | 03/01/42 | 3,060 | 2,783,302 | ||||
5.400% | 02/01/43 | 42,680 | 39,619,289 | ||||
6.000% | 08/15/40(a) | 6,627 | 6,661,641 | ||||
6.125% | 10/01/35 | 6,741 | 6,957,292 | ||||
61,376,410 | |||||||
Commercial Services — 1.4% | |||||||
California Institute of Technology, | |||||||
Sr. Unsec’d. Notes | |||||||
3.650% | 09/01/2119 | 3,235 | 2,244,541 |
A5
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Commercial Services (cont’d.) | |||||||
ERAC USA Finance LLC, | |||||||
Gtd. Notes, 144A | |||||||
3.300% | 12/01/26 | 4,800 | $4,573,493 | ||||
4.200% | 11/01/46 | 32,800 | 27,538,039 | ||||
4.500% | 02/15/45 | 8,460 | 7,486,391 | ||||
5.625% | 03/15/42 | 1,000 | 1,017,888 | ||||
6.700% | 06/01/34 | 1,000 | 1,107,817 | ||||
7.000% | 10/15/37 | 3,623 | 4,133,970 | ||||
Experian Finance PLC, | |||||||
Gtd. Notes, 144A | |||||||
2.750% | 03/08/30 | 4,050 | 3,533,172 | ||||
Georgetown University (The), | |||||||
Unsec’d. Notes, Series A | |||||||
5.215% | 10/01/2118 | 2,980 | 2,814,080 | ||||
Global Payments, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.650% | 02/15/25 | 1,050 | 1,022,839 | ||||
Leland Stanford Junior University (The), | |||||||
Unsec’d. Notes | |||||||
3.647% | 05/01/48 | 12,125 | 10,052,065 | ||||
Massachusetts Institute of Technology, | |||||||
Unsec’d. Notes | |||||||
3.885% | 07/01/2116 | 370 | 281,296 | ||||
4.678% | 07/01/2114 | 12,715 | 11,643,946 | ||||
Northwestern University, | |||||||
Unsec’d. Notes | |||||||
4.643% | 12/01/44 | 2,800 | 2,683,718 | ||||
Unsec’d. Notes, Series 2017 | |||||||
3.662% | 12/01/57 | 17,262 | 13,692,891 | ||||
PayPal Holdings, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.850% | 10/01/29(a) | 9,200 | 8,323,912 | ||||
President & Fellows of Harvard College, | |||||||
Sr. Unsec’d. Notes | |||||||
4.875% | 10/15/40 | 429 | 425,859 | ||||
Unsec’d. Notes | |||||||
5.625% | 10/01/38 | 17,500 | 18,926,858 | ||||
Trustees of Boston College, | |||||||
Unsec’d. Notes | |||||||
3.129% | 07/01/52 | 3,007 | 2,220,142 | ||||
Trustees of Boston University, | |||||||
Sec’d. Notes, Series CC | |||||||
4.061% | 10/01/48 | 4,345 | 3,784,701 | ||||
Trustees of Princeton University (The), | |||||||
Unsec’d. Notes | |||||||
5.700% | 03/01/39 | 3,000 | 3,299,130 | ||||
Trustees of the University of Pennsylvania (The), | |||||||
Sr. Unsec’d. Notes | |||||||
4.674% | 09/01/2112 | 6,976 | 6,500,803 | ||||
University of Notre Dame du Lac, | |||||||
Unsec’d. Notes, Series 2017 | |||||||
3.394% | 02/15/48(a) | 6,475 | 5,127,353 | ||||
Washington University (The), | |||||||
Sr. Unsec’d. Notes | |||||||
4.349% | 04/15/2122(a) | 3,000 | 2,520,653 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Commercial Services (cont’d.) | |||||||
Sr. Unsec’d. Notes, Series 2022 | |||||||
3.524% | 04/15/54(a) | 6,100 | $4,705,267 | ||||
William Marsh Rice University, | |||||||
Unsec’d. Notes | |||||||
3.774% | 05/15/55(a) | 3,500 | 2,906,193 | ||||
152,567,017 | |||||||
Computers — 1.2% | |||||||
Apple, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.375% | 02/08/41(a) | 3,024 | 2,153,698 | ||||
2.650% | 05/11/50(a) | 3,495 | 2,318,454 | ||||
2.700% | 08/05/51 | 40,215 | 26,626,051 | ||||
2.850% | 08/05/61(a) | 77,200 | 49,743,451 | ||||
2.950% | 09/11/49 | 6,855 | 4,854,764 | ||||
3.750% | 09/12/47 | 4,900 | 4,034,102 | ||||
3.850% | 08/04/46 | 35,120 | 29,730,502 | ||||
3.950% | 08/08/52(a) | 3,795 | 3,195,802 | ||||
4.650% | 02/23/46 | 5,286 | 5,079,113 | ||||
Leidos, Inc., | |||||||
Gtd. Notes | |||||||
4.375% | 05/15/30 | 1,875 | 1,774,720 | ||||
129,510,657 | |||||||
Distribution/Wholesale — 0.0% | |||||||
Ferguson Finance PLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.650% | 04/20/32 | 5,090 | 4,849,595 | ||||
Diversified Financial Services — 0.1% | |||||||
Cantor Fitzgerald LP, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.875% | 05/01/24(a) | 10,000 | 9,987,648 | ||||
Jefferies Financial Group, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
6.625% | 10/23/43 | 3,500 | 3,648,236 | ||||
13,635,884 | |||||||
Electric — 13.2% | |||||||
AEP Texas, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.800% | 10/01/47 | 5,450 | 4,076,492 | ||||
3.950% | 06/01/28 | 6,240 | 5,956,168 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
3.850% | 10/01/25 | 7,145 | 6,933,305 | ||||
Sr. Unsec’d. Notes, Series G | |||||||
4.150% | 05/01/49 | 3,465 | 2,733,869 | ||||
AEP Transmission Co. LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
3.100% | 12/01/26 | 2,080 | 1,978,294 | ||||
3.750% | 12/01/47 | 10,015 | 7,745,551 | ||||
3.800% | 06/15/49 | 10,675 | 8,297,211 | ||||
4.000% | 12/01/46 | 5,000 | 4,107,639 | ||||
Alabama Power Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.150% | 08/15/44 | 4,500 | 3,787,089 |
A6
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
Ameren Illinois Co., | |||||||
First Mortgage | |||||||
3.700% | 12/01/47 | 12,200 | $9,542,071 | ||||
4.500% | 03/15/49 | 1,155 | 1,018,960 | ||||
5.900% | 12/01/52 | 5,120 | 5,479,739 | ||||
Sr. Sec’d. Notes | |||||||
4.150% | 03/15/46 | 7,760 | 6,516,851 | ||||
Appalachian Power Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.450% | 06/01/45 | 6,600 | 5,440,535 | ||||
Avangrid, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.150% | 12/01/24 | 11,020 | 10,834,580 | ||||
Baltimore Gas & Electric Co., | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 08/15/47 | 18,010 | 13,999,788 | ||||
4.250% | 09/15/48 | 14,575 | 12,211,769 | ||||
Berkshire Hathaway Energy Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 02/01/45 | 9,990 | 8,969,689 | ||||
CenterPoint Energy Houston Electric LLC, | |||||||
General Ref. Mortgage | |||||||
4.500% | 04/01/44 | 10,260 | 9,152,733 | ||||
CenterPoint Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.700% | 09/01/49 | 8,960 | 6,618,768 | ||||
4.250% | 11/01/28 | 1,095 | 1,043,652 | ||||
Cleco Corporate Holdings LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
3.375% | 09/15/29 | 9,995 | 8,722,095 | ||||
Cleveland Electric Illuminating Co. (The), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.550% | 11/15/30 | 9,675 | 9,062,949 | ||||
CMS Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.875% | 03/01/44 | 4,495 | 4,192,207 | ||||
Commonwealth Edison Co., | |||||||
First Mortgage | |||||||
3.000% | 03/01/50 | 18,764 | 12,527,224 | ||||
3.650% | 06/15/46 | 18,950 | 14,603,530 | ||||
3.700% | 03/01/45 | 4,751 | 3,748,325 | ||||
3.800% | 10/01/42 | 3,615 | 2,929,110 | ||||
4.000% | 03/01/48 | 4,598 | 3,729,885 | ||||
4.000% | 03/01/49 | 4,240 | 3,373,728 | ||||
4.350% | 11/15/45 | 5,560 | 4,755,577 | ||||
4.600% | 08/15/43 | 2,000 | 1,792,018 | ||||
First Mortgage, Series 123 | |||||||
3.750% | 08/15/47 | 10,400 | 8,065,162 | ||||
First Mortgage, Series 127 | |||||||
3.200% | 11/15/49 | 4,455 | 3,095,707 | ||||
First Mortgage, Series 130 | |||||||
3.125% | 03/15/51 | 805 | 548,039 | ||||
First Mortgage, Series 131 | |||||||
2.750% | 09/01/51 | 4,175 | 2,593,642 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
Connecticut Light & Power Co. (The), | |||||||
First Mortgage | |||||||
5.250% | 01/15/53 | 9,820 | $9,756,347 | ||||
Consolidated Edison Co. of New York, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.850% | 06/15/46 | 625 | 498,161 | ||||
3.950% | 03/01/43 | 4,905 | 4,070,871 | ||||
5.700% | 06/15/40 | 2,120 | 2,157,739 | ||||
Sr. Unsec’d. Notes, Series C | |||||||
4.300% | 12/01/56 | 2,785 | 2,290,298 | ||||
Consumers Energy Co., | |||||||
First Mortgage | |||||||
3.500% | 08/01/51 | 18,670 | 14,309,346 | ||||
3.750% | 02/15/50 | 3,500 | 2,776,199 | ||||
4.350% | 04/15/49 | 1,550 | 1,354,761 | ||||
4.350% | 08/31/64 | 6,840 | 5,326,630 | ||||
Dominion Energy South Carolina, Inc., | |||||||
First Mortgage | |||||||
5.450% | 02/01/41 | 3,000 | 2,987,976 | ||||
6.250% | 10/15/53 | 990 | 1,109,623 | ||||
Dominion Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.700% | 12/01/44 | 4,774 | 4,146,201 | ||||
Sr. Unsec’d. Notes, Series C | |||||||
3.375% | 04/01/30 | 5,173 | 4,707,065 | ||||
4.050% | 09/15/42 | 1,340 | 1,079,956 | ||||
4.900% | 08/01/41 | 8,810 | 8,003,323 | ||||
DTE Electric Co., | |||||||
General Ref. Mortgage | |||||||
3.700% | 03/15/45 | 17,700 | 14,091,105 | ||||
3.700% | 06/01/46 | 1,305 | 1,014,531 | ||||
3.750% | 08/15/47 | 7,900 | 6,192,049 | ||||
3.950% | 06/15/42 | 5,800 | 4,727,808 | ||||
4.300% | 07/01/44 | 3,975 | 3,448,109 | ||||
General Ref. Mortgage, Series A | |||||||
4.000% | 04/01/43 | 3,535 | 2,955,006 | ||||
DTE Energy Co., | |||||||
Sr. Unsec’d. Notes, Series C | |||||||
2.529% | 10/01/24 | 13,330 | 13,110,441 | ||||
Duke Energy Carolinas LLC, | |||||||
First Mortgage | |||||||
3.200% | 08/15/49 | 39,520 | 27,548,064 | ||||
3.450% | 04/15/51 | 380 | 274,859 | ||||
3.700% | 12/01/47 | 4,556 | 3,459,782 | ||||
3.950% | 03/15/48 | 7,724 | 6,161,342 | ||||
4.250% | 12/15/41 | 12,900 | 11,080,328 | ||||
6.050% | 04/15/38 | 2,505 | 2,655,774 | ||||
First Ref. Mortgage | |||||||
2.950% | 12/01/26 | 14,955 | 14,247,497 | ||||
3.750% | 06/01/45 | 20,780 | 16,187,783 | ||||
Duke Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 09/01/46 | 7,695 | 5,816,925 | ||||
Duke Energy Florida LLC, | |||||||
First Mortgage | |||||||
3.400% | 10/01/46 | 8,280 | 6,060,631 |
A7
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
Duke Energy Indiana LLC, | |||||||
First Mortgage | |||||||
5.400% | 04/01/53 | 9,293 | $9,119,602 | ||||
6.450% | 04/01/39 | 7,100 | 7,748,952 | ||||
First Mortgage, Series WWW | |||||||
4.900% | 07/15/43 | 7,564 | 7,053,139 | ||||
Duke Energy Progress LLC, | |||||||
First Mortgage | |||||||
3.700% | 10/15/46 | 20,295 | 15,543,919 | ||||
4.100% | 03/15/43 | 1,200 | 997,555 | ||||
4.150% | 12/01/44 | 4,802 | 3,984,563 | ||||
5.700% | 04/01/35 | 500 | 503,196 | ||||
6.125% | 09/15/33 | 4,400 | 4,707,321 | ||||
El Paso Electric Co., | |||||||
Sr. Unsec’d. Notes | |||||||
5.000% | 12/01/44 | 4,800 | 4,141,935 | ||||
Enel Finance International NV (Italy), | |||||||
Gtd. Notes, 144A | |||||||
1.875% | 07/12/28 | 4,580 | 4,012,401 | ||||
Entergy Louisiana LLC, | |||||||
Collateral Trust | |||||||
3.050% | 06/01/31 | 2,500 | 2,190,499 | ||||
4.200% | 09/01/48 | 61,138 | 49,977,572 | ||||
4.200% | 04/01/50 | 530 | 435,191 | ||||
Entergy Mississippi LLC, | |||||||
First Mortgage | |||||||
3.850% | 06/01/49 | 3,123 | 2,409,240 | ||||
Entergy Texas, Inc., | |||||||
First Mortgage | |||||||
3.550% | 09/30/49 | 18,180 | 13,310,147 | ||||
4.500% | 03/30/39 | 15,760 | 14,233,175 | ||||
Evergy Kansas Central, Inc., | |||||||
First Mortgage | |||||||
3.250% | 09/01/49 | 6,685 | 4,606,175 | ||||
3.450% | 04/15/50 | 4,420 | 3,145,634 | ||||
4.100% | 04/01/43 | 3,000 | 2,479,616 | ||||
4.125% | 03/01/42 | 3,010 | 2,536,147 | ||||
4.250% | 12/01/45 | 4,365 | 3,651,964 | ||||
4.625% | 09/01/43 | 2,780 | 2,390,908 | ||||
Eversource Energy, | |||||||
Sr. Unsec’d. Notes, Series M | |||||||
3.300% | 01/15/28 | 4,660 | 4,356,201 | ||||
Exelon Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.450% | 04/15/46 | 5,390 | 4,613,169 | ||||
FirstEnergy Pennsylvania Electric Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.250% | 03/15/28 | 17,260 | 15,965,639 | ||||
3.600% | 06/01/29 | 10,000 | 9,294,826 | ||||
4.000% | 04/15/25 | 10,000 | 9,750,671 | ||||
4.300% | 01/15/29 | 6,315 | 6,098,769 | ||||
FirstEnergy Transmission LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.450% | 07/15/44 | 11,103 | 10,592,550 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
Florida Power & Light Co., | |||||||
First Mortgage | |||||||
3.700% | 12/01/47 | 3,870 | $3,042,786 | ||||
3.950% | 03/01/48 | 22,070 | 18,078,409 | ||||
3.990% | 03/01/49 | 22,600 | 18,549,406 | ||||
4.050% | 10/01/44 | 4,104 | 3,507,942 | ||||
Fortis, Inc. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
3.055% | 10/04/26 | 4,737 | 4,478,675 | ||||
Georgia Power Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.300% | 03/15/42 | 5,803 | 5,053,827 | ||||
4.300% | 03/15/43 | 10,900 | 9,324,345 | ||||
5.400% | 06/01/40 | 3,109 | 3,042,569 | ||||
Sr. Unsec’d. Notes, Series 10-C | |||||||
4.750% | 09/01/40 | 1,900 | 1,755,633 | ||||
Sr. Unsec’d. Notes, Series A | |||||||
3.250% | 03/15/51(a) | 4,995 | 3,507,499 | ||||
Indiana Michigan Power Co., | |||||||
Sr. Unsec’d. Notes, Series K | |||||||
4.550% | 03/15/46 | 7,235 | 6,162,152 | ||||
Indianapolis Power & Light Co., | |||||||
First Mortgage, 144A | |||||||
4.700% | 09/01/45 | 13,200 | 11,301,661 | ||||
Interstate Power & Light Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.700% | 10/15/43 | 675 | 572,345 | ||||
IPALCO Enterprises, Inc., | |||||||
Sr. Sec’d. Notes | |||||||
4.250% | 05/01/30 | 4,290 | 3,991,589 | ||||
ITC Holdings Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.250% | 06/30/26 | 10,295 | 9,863,028 | ||||
5.300% | 07/01/43 | 1,000 | 944,007 | ||||
Jersey Central Power & Light Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.700% | 04/01/24 | 1,000 | 1,000,000 | ||||
Louisville Gas & Electric Co., | |||||||
First Mortgage | |||||||
4.375% | 10/01/45 | 7,084 | 6,001,237 | ||||
MidAmerican Energy Co., | |||||||
First Mortgage | |||||||
3.650% | 04/15/29 | 12,000 | 11,417,592 | ||||
3.650% | 08/01/48 | 22,370 | 17,168,426 | ||||
4.250% | 05/01/46 | 4,500 | 3,814,816 | ||||
4.250% | 07/15/49 | 10,200 | 8,668,078 | ||||
4.400% | 10/15/44 | 18,980 | 16,481,355 | ||||
Monongahela Power Co., | |||||||
First Mortgage, 144A | |||||||
4.100% | 04/15/24 | 2,575 | 2,572,328 | ||||
Nevada Power Co., | |||||||
General Ref. Mortgage | |||||||
6.000% | 03/15/54 | 9,037 | 9,538,734 | ||||
General Ref. Mortgage, Series CC | |||||||
3.700% | 05/01/29 | 8,350 | 7,943,798 |
A8
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
General Ref. Mortgage, Series GG | |||||||
5.900% | 05/01/53 | 184 | $191,785 | ||||
New England Power Co. (United Kingdom), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.800% | 12/05/47 | 6,525 | 5,024,103 | ||||
Northern States Power Co., | |||||||
First Mortgage | |||||||
2.900% | 03/01/50 | 1,900 | 1,267,000 | ||||
3.400% | 08/15/42 | 8,450 | 6,480,244 | ||||
3.600% | 05/15/46 | 17,056 | 12,977,256 | ||||
3.600% | 09/15/47 | 11,350 | 8,583,662 | ||||
4.000% | 08/15/45 | 4,830 | 3,907,135 | ||||
4.125% | 05/15/44 | 8,520 | 7,152,189 | ||||
NRG Energy, Inc., | |||||||
Gtd. Notes | |||||||
6.625% | 01/15/27 | 794 | 795,095 | ||||
Ohio Edison Co., | |||||||
First Mortgage | |||||||
8.250% | 10/15/38 | 2,722 | 3,376,494 | ||||
Oklahoma Gas & Electric Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 12/15/44 | 9,000 | 7,096,153 | ||||
4.550% | 03/15/44 | 1,325 | 1,136,217 | ||||
Oncor Electric Delivery Co. LLC, | |||||||
First Mortgage | |||||||
2.700% | 11/15/51 | 3,045 | 1,914,380 | ||||
Sr. Sec’d. Notes | |||||||
3.700% | 05/15/50 | 27,148 | 20,753,673 | ||||
Pacific Gas & Electric Co., | |||||||
First Mortgage | |||||||
3.300% | 08/01/40(a) | 2,185 | 1,604,672 | ||||
3.950% | 12/01/47 | 36,215 | 27,115,114 | ||||
4.000% | 12/01/46 | 22,088 | 16,517,160 | ||||
4.250% | 03/15/46 | 10,000 | 7,831,801 | ||||
4.300% | 03/15/45 | 10,000 | 7,895,616 | ||||
4.500% | 07/01/40 | 28,445 | 24,267,751 | ||||
4.750% | 02/15/44 | 8,542 | 7,198,596 | ||||
4.950% | 07/01/50 | 14,341 | 12,354,193 | ||||
PacifiCorp, | |||||||
First Mortgage | |||||||
2.700% | 09/15/30 | 8,309 | 7,195,343 | ||||
4.125% | 01/15/49 | 39,567 | 31,085,992 | ||||
4.150% | 02/15/50 | 9,375 | 7,356,057 | ||||
5.350% | 12/01/53 | 18,503 | 17,218,267 | ||||
PECO Energy Co., | |||||||
First Mortgage | |||||||
2.800% | 06/15/50(a) | 6,070 | 3,960,229 | ||||
3.000% | 09/15/49 | 3,922 | 2,658,743 | ||||
3.050% | 03/15/51 | 1,200 | 814,860 | ||||
3.700% | 09/15/47 | 3,840 | 3,006,140 | ||||
3.900% | 03/01/48 | 10,494 | 8,531,278 | ||||
4.600% | 05/15/52 | 1,545 | 1,391,640 | ||||
First Ref. Mortgage | |||||||
4.800% | 10/15/43 | 1,575 | 1,438,622 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
PPL Electric Utilities Corp., | |||||||
First Mortgage | |||||||
3.000% | 10/01/49 | 4,105 | $2,840,266 | ||||
3.950% | 06/01/47 | 5,845 | 4,743,169 | ||||
4.125% | 06/15/44 | 4,450 | 3,787,980 | ||||
5.250% | 05/15/53 | 17,865 | 17,683,349 | ||||
6.250% | 05/15/39 | 500 | 541,846 | ||||
Progress Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
7.000% | 10/30/31 | 23,950 | 26,498,572 | ||||
7.750% | 03/01/31 | 8,824 | 10,002,258 | ||||
Public Service Co. of Colorado, | |||||||
First Mortgage | |||||||
3.550% | 06/15/46 | 9,880 | 6,999,748 | ||||
3.700% | 06/15/28 | 2,000 | 1,911,045 | ||||
4.100% | 06/15/48 | 4,735 | 3,727,169 | ||||
4.300% | 03/15/44 | 165 | 137,971 | ||||
5.250% | 04/01/53(a) | 6,550 | 6,195,247 | ||||
Public Service Electric & Gas Co., | |||||||
First Mortgage, Series I, MTN | |||||||
4.000% | 06/01/44 | 2,000 | 1,608,226 | ||||
Puget Energy, Inc., | |||||||
Sr. Sec’d. Notes | |||||||
3.650% | 05/15/25 | 16,900 | 16,498,614 | ||||
Puget Sound Energy, Inc., | |||||||
Sr. Sec’d. Notes | |||||||
4.434% | 11/15/41 | 1,787 | 1,504,841 | ||||
San Diego Gas & Electric Co., | |||||||
First Mortgage | |||||||
4.150% | 05/15/48 | 31,545 | 26,321,496 | ||||
5.350% | 05/15/35 | 6,997 | 6,972,327 | ||||
5.350% | 05/15/40 | 773 | 740,715 | ||||
6.000% | 06/01/39 | 5,700 | 5,975,832 | ||||
First Mortgage, Series TTT | |||||||
4.100% | 06/15/49 | 5,875 | 4,780,261 | ||||
Sempra, | |||||||
Sr. Unsec’d. Notes | |||||||
3.250% | 06/15/27 | 14,765 | 13,913,498 | ||||
3.400% | 02/01/28 | 19,265 | 18,205,050 | ||||
3.700% | 04/01/29 | 2,079 | 1,944,542 | ||||
Sierra Pacific Power Co., | |||||||
General Ref. Mortgage, 144A | |||||||
5.900% | 03/15/54 | 5,000 | 5,161,001 | ||||
Southern California Edison Co., | |||||||
First Mortgage | |||||||
3.650% | 02/01/50(a) | 26,242 | 19,458,277 | ||||
First Ref. Mortgage | |||||||
4.000% | 04/01/47 | 28,115 | 22,269,879 | ||||
4.050% | 03/15/42 | 7,200 | 5,937,154 | ||||
4.650% | 10/01/43 | 1,950 | 1,726,845 | ||||
5.500% | 03/15/40 | 11,962 | 11,881,550 | ||||
First Ref. Mortgage, Series 13-A | |||||||
3.900% | 03/15/43(a) | 5,000 | 4,009,388 | ||||
First Ref. Mortgage, Series C | |||||||
3.600% | 02/01/45 | 4,330 | 3,241,275 | ||||
4.125% | 03/01/48 | 5,150 | 4,160,921 |
A9
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Electric (cont’d.) | |||||||
Southern Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 07/01/36 | 17,050 | $15,207,467 | ||||
Southwestern Public Service Co., | |||||||
First Mortgage | |||||||
3.700% | 08/15/47 | 4,470 | 3,218,259 | ||||
4.500% | 08/15/41 | 550 | 469,250 | ||||
Tampa Electric Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.350% | 05/15/44 | 7,325 | 6,145,634 | ||||
Toledo Edison Co. (The), | |||||||
Sr. Sec’d. Notes | |||||||
6.150% | 05/15/37 | 1,997 | 2,112,351 | ||||
Union Electric Co., | |||||||
Sr. Sec’d. Notes | |||||||
3.650% | 04/15/45 | 9,175 | 7,044,671 | ||||
Virginia Electric & Power Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 01/15/43 | 1,399 | 1,160,556 | ||||
4.450% | 02/15/44 | 1,210 | 1,055,977 | ||||
Sr. Unsec’d. Notes, Series A | |||||||
3.500% | 03/15/27 | 2,765 | 2,656,361 | ||||
3.800% | 04/01/28 | 5,815 | 5,584,117 | ||||
Sr. Unsec’d. Notes, Series C | |||||||
4.625% | 05/15/52 | 19,550 | 17,042,959 | ||||
Sr. Unsec’d. Notes, Series D | |||||||
4.650% | 08/15/43 | 1,335 | 1,198,154 | ||||
Vistra Operations Co. LLC, | |||||||
Sr. Sec’d. Notes, 144A | |||||||
3.550% | 07/15/24 | 5,525 | 5,481,373 | ||||
3.700% | 01/30/27 | 24,065 | 22,864,695 | ||||
4.300% | 07/15/29(a) | 6,970 | 6,542,045 | ||||
Wisconsin Electric Power Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.250% | 06/01/44 | 850 | 704,976 | ||||
Wisconsin Public Service Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.752% | 11/01/44 | 5,000 | 4,564,047 | ||||
Xcel Energy, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.350% | 12/01/26 | 5,145 | 4,879,727 | ||||
1,470,833,785 | |||||||
Electronics — 0.0% | |||||||
Fortive Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.300% | 06/15/46 | 3,225 | 2,698,636 | ||||
Sensata Technologies BV, | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 10/01/25 | 2,500 | 2,468,750 | ||||
5,167,386 | |||||||
Engineering & Construction — 0.2% | |||||||
Mexico City Airport Trust (Mexico), | |||||||
Sr. Sec’d. Notes, 144A | |||||||
4.250% | 10/31/26 | 5,007 | 4,835,661 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Engineering & Construction (cont’d.) | |||||||
5.500% | 07/31/47 | 15,700 | $13,251,781 | ||||
18,087,442 | |||||||
Entertainment — 0.5% | |||||||
Warnermedia Holdings, Inc., | |||||||
Gtd. Notes | |||||||
4.054% | 03/15/29 | 6,000 | 5,619,530 | ||||
5.050% | 03/15/42(a) | 22,485 | 19,289,434 | ||||
5.141% | 03/15/52 | 38,830 | 32,243,986 | ||||
5.391% | 03/15/62 | 4,850 | 4,020,929 | ||||
61,173,879 | |||||||
Environmental Control — 0.1% | |||||||
Republic Services, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.950% | 05/15/28 | 7,965 | 7,708,631 | ||||
6.200% | 03/01/40 | 5,000 | 5,438,825 | ||||
13,147,456 | |||||||
Foods — 1.5% | |||||||
Ahold Finance USA LLC (Netherlands), | |||||||
Gtd. Notes | |||||||
6.875% | 05/01/29 | 509 | 554,168 | ||||
Campbell Soup Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.800% | 03/15/48 | 21,762 | 19,363,003 | ||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | |||||||
Gtd. Notes | |||||||
3.000% | 05/15/32 | 4,920 | 3,990,055 | ||||
Kraft Heinz Foods Co., | |||||||
Gtd. Notes | |||||||
3.000% | 06/01/26 | 3,117 | 2,983,420 | ||||
4.375% | 06/01/46 | 8,181 | 6,905,035 | ||||
4.625% | 10/01/39 | 3,500 | 3,185,240 | ||||
5.200% | 07/15/45(a) | 31,217 | 29,576,432 | ||||
Gtd. Notes, 144A | |||||||
7.125% | 08/01/39 | 5,165 | 5,927,084 | ||||
Kroger Co. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
4.650% | 01/15/48 | 1,753 | 1,541,399 | ||||
5.000% | 04/15/42 | 1,150 | 1,088,821 | ||||
5.150% | 08/01/43 | 450 | 422,100 | ||||
Sr. Unsec’d. Notes, Series B | |||||||
7.700% | 06/01/29 | 3,968 | 4,428,750 | ||||
Mars, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.950% | 04/01/44 | 22,980 | 19,214,448 | ||||
4.125% | 04/01/54 | 11,735 | 9,731,201 | ||||
4.200% | 04/01/59 | 10,575 | 8,778,887 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
2.375% | 07/16/40 | 6,188 | 4,307,481 | ||||
Nestle Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.900% | 09/24/38 | 25,000 | 22,195,354 |
A10
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Foods (cont’d.) | |||||||
Sysco Corp., | |||||||
Gtd. Notes | |||||||
3.300% | 07/15/26 | 6,265 | $6,017,083 | ||||
4.500% | 04/01/46(a) | 4,255 | 3,722,347 | ||||
Tyson Foods, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.550% | 06/02/27 | 14,835 | 14,161,524 | ||||
168,093,832 | |||||||
Forest Products & Paper — 0.0% | |||||||
Georgia-Pacific LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
7.250% | 06/01/28 | 2,960 | 3,174,064 | ||||
Gas — 1.3% | |||||||
Atmos Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.375% | 09/15/49 | 13,650 | 9,931,031 | ||||
4.125% | 10/15/44 | 5,120 | 4,428,618 | ||||
6.200% | 11/15/53(a) | 7,305 | 8,237,671 | ||||
CenterPoint Energy Resources Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.100% | 09/01/47 | 7,945 | 6,417,529 | ||||
NiSource, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.800% | 02/15/44 | 6,745 | 6,020,015 | ||||
5.650% | 02/01/45 | 2,260 | 2,224,037 | ||||
ONE Gas, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 11/01/48 | 14,125 | 12,350,668 | ||||
Piedmont Natural Gas Co., Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 06/01/29(a) | 12,500 | 11,641,778 | ||||
4.650% | 08/01/43 | 5,960 | 5,255,472 | ||||
Southern California Gas Co., | |||||||
First Mortgage | |||||||
4.450% | 03/15/44 | 2,500 | 2,117,629 | ||||
First Mortgage, Series VV | |||||||
4.300% | 01/15/49(a) | 8,650 | 7,150,381 | ||||
First Mortgage, Series WW | |||||||
3.950% | 02/15/50 | 26,720 | 20,838,590 | ||||
Sr. Sec’d. Notes, Series UU | |||||||
4.125% | 06/01/48 | 11,445 | 9,337,911 | ||||
Southern Co. Gas Capital Corp., | |||||||
Gtd. Notes | |||||||
3.250% | 06/15/26 | 9,414 | 9,015,458 | ||||
3.950% | 10/01/46 | 5,520 | 4,269,605 | ||||
4.400% | 06/01/43 | 750 | 627,483 | ||||
4.400% | 05/30/47 | 27,369 | 22,636,487 | ||||
142,500,363 | |||||||
Healthcare-Products — 0.9% | |||||||
Alcon Finance Corp. (Switzerland), | |||||||
Gtd. Notes, 144A | |||||||
5.750% | 12/06/52 | 3,955 | 4,098,314 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Healthcare-Products (cont’d.) | |||||||
DH Europe Finance II Sarl, | |||||||
Gtd. Notes | |||||||
1.350% | 09/18/39 | EUR | 5,215 | $4,266,068 | |||
Medtronic Global Holdings SCA, | |||||||
Gtd. Notes | |||||||
2.250% | 03/07/39 | EUR | 3,320 | 3,044,694 | |||
Medtronic, Inc., | |||||||
Gtd. Notes | |||||||
4.625% | 03/15/45 | 1 | 940 | ||||
Solventum Corp., | |||||||
Gtd. Notes, 144A | |||||||
5.900% | 04/30/54 | 10,550 | 10,532,141 | ||||
Thermo Fisher Scientific Finance I BV, | |||||||
Gtd. Notes | |||||||
1.625% | 10/18/41 | EUR | 6,765 | 5,464,108 | |||
2.000% | 10/18/51 | EUR | 6,550 | 5,065,951 | |||
Thermo Fisher Scientific, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.800% | 10/15/41 | 2,485 | 1,818,119 | ||||
Sr. Unsec’d. Notes, EMTN | |||||||
1.500% | 10/01/39 | EUR | 32,150 | 26,509,767 | |||
1.875% | 10/01/49 | EUR | 45,875 | 35,446,345 | |||
96,246,447 | |||||||
Healthcare-Services — 3.1% | |||||||
Advocate Health & Hospitals Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.829% | 08/15/28 | 7,005 | 6,736,194 | ||||
4.272% | 08/15/48 | 8,950 | 7,843,324 | ||||
Aetna, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.125% | 11/15/42 | 1,865 | 1,520,784 | ||||
Ascension Health, | |||||||
Sr. Unsec’d. Notes | |||||||
3.945% | 11/15/46 | 3,338 | 2,834,732 | ||||
Baylor Scott & White Holdings, | |||||||
Sec’d. Notes | |||||||
3.967% | 11/15/46 | 17,663 | 14,738,920 | ||||
Children’s Hospital Corp. (The), | |||||||
Gtd. Notes, Series 2017 | |||||||
4.115% | 01/01/47 | 6,650 | 5,687,119 | ||||
Cleveland Clinic Foundation (The), | |||||||
Unsec’d. Notes | |||||||
4.858% | 01/01/2114 | 2,875 | 2,656,413 | ||||
Dartmouth-Hitchcock Health, | |||||||
Sec’d. Notes, Series B | |||||||
4.178% | 08/01/48 | 12,000 | 9,578,325 | ||||
Duke University Health System, Inc., | |||||||
Sr. Unsec’d. Notes, Series 2017 | |||||||
3.920% | 06/01/47 | 3,265 | 2,729,360 | ||||
Elevance Health, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.125% | 05/15/50(a) | 14,965 | 10,390,313 | ||||
3.600% | 03/15/51 | 3,360 | 2,517,342 | ||||
3.700% | 09/15/49 | 8,819 | 6,740,627 | ||||
4.625% | 05/15/42 | 2,600 | 2,367,142 |
A11
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Healthcare-Services (cont’d.) | |||||||
4.650% | 01/15/43 | 1,000 | $910,282 | ||||
4.850% | 08/15/54 | 510 | 440,911 | ||||
5.100% | 01/15/44 | 720 | 685,592 | ||||
HCA, Inc., | |||||||
Gtd. Notes | |||||||
5.250% | 04/15/25 | 3,500 | 3,486,942 | ||||
5.375% | 02/01/25 | 24,080 | 24,014,456 | ||||
5.500% | 06/15/47 | 3,677 | 3,495,294 | ||||
5.875% | 02/01/29 | 5,400 | 5,520,543 | ||||
Indiana University Health, Inc. Obligated Group, | |||||||
Sec’d. Notes | |||||||
3.970% | 11/01/48(a) | 21,125 | 17,788,967 | ||||
Kaiser Foundation Hospitals, | |||||||
Gtd. Notes | |||||||
4.150% | 05/01/47 | 10,969 | 9,445,893 | ||||
4.875% | 04/01/42 | 1,000 | 961,353 | ||||
Unsec’d. Notes, Series 2021 | |||||||
3.002% | 06/01/51 | 11,245 | 7,781,731 | ||||
Memorial Sloan-Kettering Cancer Center, | |||||||
Unsec’d. Notes, Series 2020 | |||||||
2.955% | 01/01/50 | 3,405 | 2,374,378 | ||||
MultiCare Health System, | |||||||
Unsec’d. Notes | |||||||
2.803% | 08/15/50 | 2,840 | 1,713,601 | ||||
MyMichigan Health, | |||||||
Sec’d. Notes, Series 2020 | |||||||
3.409% | 06/01/50 | 5,230 | 3,870,869 | ||||
Nationwide Children’s Hospital, Inc., | |||||||
Unsec’d. Notes | |||||||
4.556% | 11/01/52 | 3,400 | 3,155,709 | ||||
New York & Presbyterian Hospital (The), | |||||||
Unsec’d. Notes | |||||||
4.063% | 08/01/56 | 640 | 527,244 | ||||
Unsec’d. Notes, Series 2019 | |||||||
3.954% | 08/01/2119 | 2,225 | 1,643,381 | ||||
NYU Langone Hospitals, | |||||||
Sec’d. Notes | |||||||
4.368% | 07/01/47(a) | 12,075 | 10,740,020 | ||||
4.784% | 07/01/44 | 7,305 | 6,893,893 | ||||
Sr. Sec’d. Notes, Series 13-A | |||||||
5.750% | 07/01/43 | 700 | 740,156 | ||||
OhioHealth Corp., | |||||||
Unsec’d. Notes, Series 2020 | |||||||
3.042% | 11/15/50 | 1,005 | 723,019 | ||||
Orlando Health Obligated Group, | |||||||
Sr. Unsec’d. Notes | |||||||
3.327% | 10/01/50 | 3,300 | 2,462,954 | ||||
Unsec’d. Notes | |||||||
4.089% | 10/01/48 | 2,208 | 1,851,435 | ||||
PeaceHealth Obligated Group, | |||||||
Sr. Unsec’d. Notes, Series 2020 | |||||||
3.218% | 11/15/50 | 2,285 | 1,556,225 | ||||
Quest Diagnostics, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.950% | 06/30/30 | 10,560 | 9,374,790 | ||||
3.450% | 06/01/26 | 4,715 | 4,552,868 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Healthcare-Services (cont’d.) | |||||||
4.250% | 04/01/24 | 1,400 | $1,400,000 | ||||
4.700% | 03/30/45 | 5,855 | 5,321,374 | ||||
5.750% | 01/30/40 | 1,251 | 1,226,102 | ||||
6.950% | 07/01/37 | 1,704 | 1,838,118 | ||||
Roche Holdings, Inc., | |||||||
Gtd. Notes, 144A | |||||||
2.607% | 12/13/51 | 9,985 | 6,352,296 | ||||
RWJ Barnabas Health, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.949% | 07/01/46(a) | 4,860 | 4,035,003 | ||||
Unsec’d. Notes | |||||||
3.477% | 07/01/49 | 1,345 | 1,037,648 | ||||
Southern Baptist Hospital of Florida, Inc., | |||||||
Sec’d. Notes | |||||||
4.857% | 07/15/45 | 3,150 | 2,987,722 | ||||
Sutter Health, | |||||||
Unsec’d. Notes, Series 2018 | |||||||
3.695% | 08/15/28 | 2,400 | 2,285,845 | ||||
Texas Health Resources, | |||||||
Sec’d. Notes | |||||||
4.330% | 11/15/55 | 5,400 | 4,778,201 | ||||
Sr. Unsec’d. Notes | |||||||
2.328% | 11/15/50 | 5,688 | 3,443,491 | ||||
UnitedHealth Group, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.050% | 05/15/41 | 5,000 | 3,780,981 | ||||
3.950% | 10/15/42 | 2,060 | 1,757,035 | ||||
4.250% | 04/15/47 | 13,715 | 11,854,036 | ||||
4.450% | 12/15/48(a) | 2,000 | 1,778,675 | ||||
4.625% | 11/15/41 | 4,601 | 4,273,549 | ||||
4.750% | 07/15/45(a) | 6,770 | 6,336,281 | ||||
4.750% | 05/15/52 | 10,905 | 10,100,219 | ||||
4.950% | 05/15/62 | 7,570 | 7,076,058 | ||||
5.200% | 04/15/63 | 48,000 | 46,591,247 | ||||
5.800% | 03/15/36 | 3,945 | 4,231,727 | ||||
5.875% | 02/15/53 | 5,130 | 5,553,450 | ||||
6.050% | 02/15/63 | 4,830 | 5,318,343 | ||||
346,410,502 | |||||||
Home Builders — 0.0% | |||||||
Toll Brothers Finance Corp., | |||||||
Gtd. Notes | |||||||
4.875% | 11/15/25 | 915 | 904,935 | ||||
Household Products/Wares — 0.4% | |||||||
Kimberly-Clark de Mexico SAB de CV (Mexico), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.250% | 03/12/25 | 23,175 | 22,599,101 | ||||
Reckitt Benckiser Treasury Services PLC (United Kingdom), | |||||||
Gtd. Notes, 144A | |||||||
2.750% | 06/26/24 | 21,245 | 21,107,080 | ||||
SC Johnson & Son, Inc., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.000% | 05/15/43 | 425 | 344,264 | ||||
44,050,445 |
A12
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Insurance — 2.3% | |||||||
Allstate Corp. (The), | |||||||
Sub. Notes, Series B, 3 Month SOFR + 3.200% | |||||||
8.507%(c) | 08/15/53 | 800 | $800,741 | ||||
American International Group, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.800% | 07/10/45 | 15,000 | 13,970,976 | ||||
Arch Capital Group US, Inc., | |||||||
Gtd. Notes | |||||||
5.144% | 11/01/43 | 8,532 | 8,143,643 | ||||
Berkshire Hathaway Finance Corp., | |||||||
Gtd. Notes | |||||||
4.300% | 05/15/43 | 2,895 | 2,645,189 | ||||
Chubb INA Holdings, Inc., | |||||||
Gtd. Notes | |||||||
2.850% | 12/15/51 | 8,570 | 5,844,322 | ||||
3.050% | 12/15/61 | 10,935 | 7,324,017 | ||||
CNA Financial Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 03/01/26 | 9,363 | 9,244,314 | ||||
Everest Reinsurance Holdings, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.125% | 10/15/52 | 15,000 | 9,693,198 | ||||
3.500% | 10/15/50 | 5,045 | 3,533,472 | ||||
4.868% | 06/01/44 | 14,360 | 12,994,961 | ||||
Hartford Financial Services Group, Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
2.800% | 08/19/29 | 465 | 417,460 | ||||
Liberty Mutual Group, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.950% | 05/15/60 | 9,999 | 7,244,811 | ||||
3.951% | 10/15/50 | 36,115 | 27,232,007 | ||||
4.569% | 02/01/29 | 5,880 | 5,733,164 | ||||
5.500% | 06/15/52 | 11,020 | 10,605,907 | ||||
Lincoln National Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
6.300% | 10/09/37 | 4,385 | 4,512,734 | ||||
7.000% | 06/15/40(a) | 6,248 | 6,904,394 | ||||
Markel Group, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.450% | 05/07/52(a) | 11,395 | 7,893,824 | ||||
3.500% | 11/01/27 | 5,000 | 4,733,839 | ||||
4.150% | 09/17/50 | 8,815 | 6,992,936 | ||||
4.300% | 11/01/47 | 4,479 | 3,619,124 | ||||
5.000% | 03/30/43 | 100 | 91,061 | ||||
5.000% | 04/05/46 | 2,360 | 2,124,728 | ||||
5.000% | 05/20/49 | 18,590 | 16,920,750 | ||||
MetLife, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
5.250% | 01/15/54 | 10,230 | 10,066,284 | ||||
New York Life Insurance Co., | |||||||
Sub. Notes, 144A | |||||||
4.450% | 05/15/69 | 6,880 | 5,617,487 | ||||
Sompo International Holdings Ltd. (Bermuda), | |||||||
Sr. Unsec’d. Notes | |||||||
7.000% | 07/15/34 | 1,700 | 1,826,198 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Insurance (cont’d.) | |||||||
Teachers Insurance & Annuity Association of America, | |||||||
Sub. Notes, 144A | |||||||
4.270% | 05/15/47 | 26,445 | $21,925,550 | ||||
4.900% | 09/15/44 | 350 | 320,884 | ||||
Unum Group, | |||||||
Sr. Unsec’d. Notes | |||||||
4.125% | 06/15/51 | 39,768 | 30,088,798 | ||||
5.750% | 08/15/42 | 5,540 | 5,422,740 | ||||
7.250% | 03/15/28 | 2,707 | 2,847,800 | ||||
W.R. Berkley Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 08/01/44 | 2,675 | 2,365,825 | ||||
XL Group Ltd. (Bermuda), | |||||||
Sr. Unsec’d. Notes | |||||||
5.250% | 12/15/43 | 2,962 | 2,793,618 | ||||
262,496,756 | |||||||
Internet — 0.4% | |||||||
Amazon.com, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.100% | 04/13/62 | 42,481 | 35,829,877 | ||||
Prosus NV (China), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.680% | 01/21/30 | 3,715 | 3,247,839 | ||||
39,077,716 | |||||||
Iron/Steel — 0.0% | |||||||
Steel Dynamics, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.450% | 04/15/30 | 5,080 | 4,658,962 | ||||
Lodging — 0.4% | |||||||
Marriott International, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 10/01/34 | 13,500 | 12,278,381 | ||||
5.000% | 10/15/27 | 12,845 | 12,812,917 | ||||
Sr. Unsec’d. Notes, Series R | |||||||
3.125% | 06/15/26 | 22,630 | 21,621,598 | ||||
46,712,896 | |||||||
Machinery-Construction & Mining — 0.0% | |||||||
Caterpillar, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
6.050% | 08/15/36(a) | 2,200 | 2,422,213 | ||||
Machinery-Diversified — 0.4% | |||||||
Deere & Co., | |||||||
Sr. Unsec’d. Notes | |||||||
3.900% | 06/09/42(a) | 3,500 | 3,020,284 | ||||
Westinghouse Air Brake Technologies Corp., | |||||||
Gtd. Notes | |||||||
4.700% | 09/15/28 | 45,076 | 44,377,535 | ||||
47,397,819 | |||||||
Media — 3.9% | |||||||
Belo Corp., | |||||||
Gtd. Notes | |||||||
7.250% | 09/15/27 | 150 | 152,673 |
A13
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Media (cont’d.) | |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | |||||||
Sr. Sec’d. Notes | |||||||
4.800% | 03/01/50 | 12,325 | $9,118,536 | ||||
5.375% | 04/01/38 | 13,155 | 11,447,773 | ||||
5.375% | 05/01/47 | 41,367 | 33,398,346 | ||||
5.750% | 04/01/48 | 76,467 | 64,334,692 | ||||
6.384% | 10/23/35 | 1,553 | 1,536,076 | ||||
6.484% | 10/23/45 | 10,574 | 9,811,443 | ||||
Comcast Corp., | |||||||
Gtd. Notes | |||||||
2.887% | 11/01/51(a) | 28,479 | 18,501,338 | ||||
2.937% | 11/01/56 | 59,274 | 37,327,857 | ||||
3.250% | 11/01/39 | 54,500 | 42,740,043 | ||||
3.300% | 02/01/27 | 3,245 | 3,113,327 | ||||
3.400% | 07/15/46 | 12,867 | 9,590,482 | ||||
3.450% | 02/01/50 | 54,000 | 39,612,479 | ||||
3.750% | 04/01/40(a) | 14,385 | 11,952,004 | ||||
3.900% | 03/01/38(a) | 18,880 | 16,432,344 | ||||
3.969% | 11/01/47 | 13,145 | 10,563,108 | ||||
3.999% | 11/01/49 | 10,302 | 8,328,174 | ||||
4.000% | 03/01/48 | 5,843 | 4,745,964 | ||||
4.049% | 11/01/52 | 3,299 | 2,656,108 | ||||
4.200% | 08/15/34 | 10,000 | 9,312,244 | ||||
5.350% | 05/15/53 | 2,750 | 2,728,550 | ||||
5.500% | 05/15/64 | 1,760 | 1,764,961 | ||||
Cox Communications, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.800% | 12/15/53 | 7,890 | 7,804,525 | ||||
Discovery Communications LLC, | |||||||
Gtd. Notes | |||||||
3.950% | 06/15/25 | 3,800 | 3,732,952 | ||||
4.000% | 09/15/55 | 6,650 | 4,541,843 | ||||
4.125% | 05/15/29 | 11,100 | 10,413,659 | ||||
5.300% | 05/15/49(a) | 35,722 | 30,060,872 | ||||
Paramount Global, | |||||||
Jr. Sub. Notes | |||||||
6.250%(ff) | 02/28/57(a) | 2,835 | 2,486,967 | ||||
Sr. Unsec’d. Notes | |||||||
3.700% | 06/01/28 | 2,130 | 1,916,162 | ||||
Time Warner Cable LLC, | |||||||
Sr. Sec’d. Notes | |||||||
5.500% | 09/01/41 | 3,050 | 2,542,979 | ||||
5.875% | 11/15/40 | 7,590 | 6,621,744 | ||||
6.550% | 05/01/37 | 2,785 | 2,636,029 | ||||
6.750% | 06/15/39 | 4,700 | 4,473,177 | ||||
Videotron Ltd. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
5.375% | 06/15/24 | 4,600 | 4,583,900 | ||||
Walt Disney Co. (The), | |||||||
Gtd. Notes | |||||||
5.400% | 10/01/43 | 9,675 | 9,854,527 | ||||
7.700% | 10/30/25 | 729 | 756,537 | ||||
441,594,395 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Mining — 2.0% | |||||||
AngloGold Ashanti Holdings PLC (Australia), | |||||||
Gtd. Notes | |||||||
3.375% | 11/01/28 | 12,250 | $11,029,655 | ||||
Barrick Gold Corp. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
6.450% | 10/15/35 | 5,000 | 5,406,147 | ||||
Barrick International Barbados Corp. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
6.350% | 10/15/36(a) | 22,700 | 24,281,881 | ||||
Barrick North America Finance LLC (Canada), | |||||||
Gtd. Notes | |||||||
5.700% | 05/30/41 | 1,300 | 1,334,301 | ||||
5.750% | 05/01/43 | 8,314 | 8,555,278 | ||||
7.500% | 09/15/38 | 10,946 | 12,734,766 | ||||
Barrick PD Australia Finance Pty Ltd. (Canada), | |||||||
Gtd. Notes | |||||||
5.950% | 10/15/39 | 27,086 | 28,060,443 | ||||
BHP Billiton Finance USA Ltd. (Australia), | |||||||
Gtd. Notes | |||||||
5.000% | 09/30/43 | 3,528 | 3,378,815 | ||||
Freeport Indonesia PT (Indonesia), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.200% | 04/14/52(a) | 3,000 | 2,972,813 | ||||
Freeport-McMoRan, Inc., | |||||||
Gtd. Notes | |||||||
5.400% | 11/14/34(a) | 5,000 | 4,944,612 | ||||
5.450% | 03/15/43 | 17,500 | 16,732,789 | ||||
Kinross Gold Corp. (Canada), | |||||||
Gtd. Notes | |||||||
4.500% | 07/15/27 | 24,087 | 23,454,740 | ||||
6.875% | 09/01/41 | 11,304 | 12,068,747 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
6.250% | 07/15/33 | 9,600 | 9,927,471 | ||||
Newmont Corp., | |||||||
Gtd. Notes | |||||||
2.250% | 10/01/30(a) | 9,462 | 8,065,025 | ||||
5.875% | 04/01/35 | 4,000 | 4,178,149 | ||||
6.250% | 10/01/39 | 4,050 | 4,331,896 | ||||
Rio Tinto Finance USA Ltd. (Australia), | |||||||
Gtd. Notes | |||||||
2.750% | 11/02/51(a) | 17,586 | 11,250,818 | ||||
5.200% | 11/02/40 | 860 | 849,425 | ||||
Rio Tinto Finance USA PLC (Australia), | |||||||
Gtd. Notes | |||||||
4.125% | 08/21/42 | 785 | 681,066 | ||||
4.750% | 03/22/42 | 1,562 | 1,464,562 | ||||
South32 Treasury Ltd. (Australia), | |||||||
Gtd. Notes, 144A | |||||||
4.350% | 04/14/32(a) | 4,800 | 4,329,172 | ||||
Southern Copper Corp. (Mexico), | |||||||
Sr. Unsec’d. Notes | |||||||
6.750% | 04/16/40 | 10,177 | 11,259,513 | ||||
WMC Finance USA Ltd. (Australia), | |||||||
Gtd. Notes | |||||||
6.250% | 05/15/33 | 2,000 | 2,097,542 |
A14
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Mining (cont’d.) | |||||||
Yamana Gold, Inc. (Canada), | |||||||
Gtd. Notes | |||||||
2.630% | 08/15/31 | 6,059 | $5,024,692 | ||||
4.625% | 12/15/27 | 5,811 | 5,548,720 | ||||
223,963,038 | |||||||
Miscellaneous Manufacturing — 0.3% | |||||||
Hillenbrand, Inc., | |||||||
Gtd. Notes | |||||||
5.000% | 09/15/26 | 11,200 | 11,000,325 | ||||
Parker-Hannifin Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.250% | 06/14/29 | 4,175 | 3,866,439 | ||||
Siemens Financieringsmaatschappij NV (Germany), | |||||||
Gtd. Notes, 144A | |||||||
2.875% | 03/11/41 | 6,185 | 4,700,514 | ||||
4.400% | 05/27/45 | 8,260 | 7,480,331 | ||||
Textron, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 03/15/26 | 9,045 | 8,822,542 | ||||
35,870,151 | |||||||
Office/Business Equipment — 0.5% | |||||||
CDW LLC/CDW Finance Corp., | |||||||
Gtd. Notes | |||||||
2.670% | 12/01/26 | 57,895 | 53,885,481 | ||||
Oil & Gas — 5.4% | |||||||
Aker BP ASA (Norway), | |||||||
Gtd. Notes, 144A | |||||||
3.100% | 07/15/31 | 12,543 | 10,706,976 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
3.750% | 01/15/30 | 8,500 | 7,757,833 | ||||
6.000% | 06/13/33 | 19,395 | 19,979,759 | ||||
BP Capital Markets America, Inc., | |||||||
Gtd. Notes | |||||||
3.060% | 06/17/41 | 13,255 | 10,063,263 | ||||
3.119% | 05/04/26(a) | 6,752 | 6,505,885 | ||||
Canadian Natural Resources Ltd. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
6.250% | 03/15/38 | 32,565 | 33,637,502 | ||||
6.450% | 06/30/33 | 2,000 | 2,149,572 | ||||
6.500% | 02/15/37 | 370 | 389,669 | ||||
Cenovus Energy, Inc. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 02/15/52(a) | 16,394 | 11,859,998 | ||||
5.250% | 06/15/37 | 2,231 | 2,118,671 | ||||
5.400% | 06/15/47(a) | 25,722 | 24,099,045 | ||||
6.750% | 11/15/39(a) | 11,798 | 12,874,638 | ||||
Chevron USA, Inc., | |||||||
Gtd. Notes | |||||||
5.250% | 11/15/43 | 1,101 | 1,125,147 | ||||
6.000% | 03/01/41 | 3,550 | 3,912,445 | ||||
ConocoPhillips Co., | |||||||
Gtd. Notes | |||||||
3.758% | 03/15/42 | 6,810 | 5,655,721 | ||||
3.800% | 03/15/52 | 27,200 | 21,244,610 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Oil & Gas (cont’d.) | |||||||
4.025% | 03/15/62 | 116 | $91,894 | ||||
4.150% | 11/15/34 | 847 | 782,175 | ||||
4.300% | 11/15/44 | 3,330 | 2,919,940 | ||||
5.050% | 09/15/33(a) | 5,000 | 5,044,814 | ||||
5.300% | 05/15/53 | 13,590 | 13,526,145 | ||||
5.700% | 09/15/63 | 12,905 | 13,514,098 | ||||
Continental Resources, Inc., | |||||||
Gtd. Notes | |||||||
3.800% | 06/01/24 | 2,525 | 2,516,512 | ||||
Devon Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 05/15/42 | 3,675 | 3,194,376 | ||||
5.000% | 06/15/45 | 14,051 | 12,454,234 | ||||
5.600% | 07/15/41(a) | 21,825 | 21,051,104 | ||||
5.875% | 06/15/28 | 7,125 | 7,160,302 | ||||
Diamondback Energy, Inc., | |||||||
Gtd. Notes | |||||||
3.250% | 12/01/26 | 11,145 | 10,682,069 | ||||
4.250% | 03/15/52 | 9,165 | 7,420,141 | ||||
4.400% | 03/24/51 | 21,950 | 18,188,447 | ||||
6.250% | 03/15/53 | 22,900 | 24,682,707 | ||||
EOG Resources, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.900% | 04/01/35 | 4,067 | 3,700,134 | ||||
Equinor ASA (Norway), | |||||||
Gtd. Notes | |||||||
2.375% | 05/22/30 | 3,260 | 2,850,617 | ||||
3.250% | 11/18/49 | 6,000 | 4,339,423 | ||||
3.625% | 04/06/40 | 1,380 | 1,146,779 | ||||
3.950% | 05/15/43 | 2,796 | 2,362,935 | ||||
Exxon Mobil Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.095% | 08/16/49 | 13,000 | 9,268,941 | ||||
3.567% | 03/06/45 | 4,370 | 3,481,962 | ||||
Marathon Oil Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.400% | 07/15/27(a) | 3,684 | 3,582,724 | ||||
Marathon Petroleum Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.000% | 09/15/54 | 11,375 | 10,098,799 | ||||
5.125% | 12/15/26 | 13,890 | 13,899,580 | ||||
5.850% | 12/15/45 | 3,110 | 3,089,732 | ||||
6.500% | 03/01/41 | 10,163 | 11,068,266 | ||||
Occidental Petroleum Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
4.100% | 02/15/47 | 3,000 | 2,253,159 | ||||
6.200% | 03/15/40 | 13,511 | 13,872,366 | ||||
6.450% | 09/15/36 | 16,937 | 18,064,592 | ||||
7.500% | 05/01/31 | 4,290 | 4,776,477 | ||||
Ovintiv, Inc., | |||||||
Gtd. Notes | |||||||
7.375% | 11/01/31 | 1,000 | 1,096,544 | ||||
Petroleos Mexicanos (Mexico), | |||||||
Gtd. Notes | |||||||
5.350% | 02/12/28 | 6,575 | 5,799,216 | ||||
6.350% | 02/12/48 | 2,025 | 1,291,444 |
A15
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Oil & Gas (cont’d.) | |||||||
6.950% | 01/28/60 | 6,100 | $4,032,405 | ||||
7.690% | 01/23/50 | 12,200 | 8,765,944 | ||||
Phillips 66, | |||||||
Gtd. Notes | |||||||
2.150% | 12/15/30 | 10,600 | 8,900,599 | ||||
3.300% | 03/15/52(a) | 1,380 | 966,451 | ||||
4.650% | 11/15/34 | 8,200 | 7,814,512 | ||||
Phillips 66 Co., | |||||||
Gtd. Notes | |||||||
3.550% | 10/01/26 | 11,680 | 11,284,337 | ||||
4.680% | 02/15/45 | 500 | 443,753 | ||||
4.900% | 10/01/46 | 6,500 | 5,950,400 | ||||
5.650% | 06/15/54 | 30,750 | 31,197,308 | ||||
Pioneer Natural Resources Co., | |||||||
Sr. Unsec’d. Notes | |||||||
1.900% | 08/15/30 | 4,820 | 4,053,218 | ||||
Range Resources Corp., | |||||||
Gtd. Notes | |||||||
4.875% | 05/15/25 | 10,000 | 9,925,340 | ||||
Shell International Finance BV (Netherlands), | |||||||
Gtd. Notes | |||||||
4.000% | 05/10/46 | 3,000 | 2,519,494 | ||||
Suncor Energy, Inc. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 03/04/51(a) | 9,853 | 7,286,121 | ||||
5.950% | 12/01/34 | 1,000 | 1,045,195 | ||||
6.500% | 06/15/38(a) | 3,900 | 4,137,990 | ||||
6.800% | 05/15/38 | 9,300 | 10,075,081 | ||||
TotalEnergies Capital International SA (France), | |||||||
Gtd. Notes | |||||||
3.455% | 02/19/29 | 20,000 | 18,930,684 | ||||
Valero Energy Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.650% | 12/01/51(a) | 11,555 | 8,326,284 | ||||
4.350% | 06/01/28 | 25,440 | 24,873,979 | ||||
603,882,477 | |||||||
Oil & Gas Services — 0.3% | |||||||
Cameron International Corp., | |||||||
Gtd. Notes | |||||||
7.000% | 07/15/38 | 4,000 | 4,408,935 | ||||
Halliburton Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.750% | 08/01/43(a) | 9,350 | 8,584,378 | ||||
5.000% | 11/15/45 | 1,835 | 1,722,659 | ||||
Schlumberger Holdings Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.900% | 05/17/28(a) | 18,479 | 17,817,265 | ||||
32,533,237 | |||||||
Packaging & Containers — 0.0% | |||||||
Amcor Flexibles North America, Inc., | |||||||
Gtd. Notes | |||||||
2.630% | 06/19/30 | 2,715 | 2,338,940 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pharmaceuticals — 5.8% | |||||||
AbbVie, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.050% | 11/21/39 | 91,680 | $81,637,222 | ||||
4.250% | 11/21/49 | 4,617 | 3,996,156 | ||||
4.300% | 05/14/36 | 2,500 | 2,346,914 | ||||
4.400% | 11/06/42 | 950 | 861,431 | ||||
4.500% | 05/14/35 | 4,945 | 4,755,762 | ||||
4.550% | 03/15/35 | 42,638 | 41,145,594 | ||||
4.625% | 10/01/42 | 3,115 | 2,900,853 | ||||
4.700% | 05/14/45 | 14,574 | 13,613,329 | ||||
4.875% | 11/14/48 | 10,062 | 9,625,572 | ||||
5.500% | 03/15/64 | 875 | 899,631 | ||||
Bristol-Myers Squibb Co., | |||||||
Sr. Unsec’d. Notes | |||||||
2.350% | 11/13/40 | 11,500 | 7,839,719 | ||||
3.400% | 07/26/29 | 5,204 | 4,889,224 | ||||
3.700% | 03/15/52 | 3,330 | 2,556,775 | ||||
3.900% | 03/15/62 | 15,215 | 11,582,243 | ||||
4.250% | 10/26/49 | 14,610 | 12,482,292 | ||||
4.350% | 11/15/47 | 22,307 | 19,250,158 | ||||
4.550% | 02/20/48 | 9,842 | 8,807,711 | ||||
4.625% | 05/15/44 | 6,837 | 6,289,555 | ||||
Cardinal Health, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 11/15/24 | 1,500 | 1,479,176 | ||||
4.600% | 03/15/43 | 5,964 | 5,199,232 | ||||
Cigna Group (The), | |||||||
Gtd. Notes | |||||||
3.400% | 03/01/27 | 17,240 | 16,519,547 | ||||
4.375% | 10/15/28 | 25,005 | 24,401,303 | ||||
4.500% | 02/25/26(a) | 11,024 | 10,895,152 | ||||
4.800% | 07/15/46 | 42,235 | 38,395,940 | ||||
4.900% | 12/15/48 | 21,103 | 19,226,780 | ||||
5.375% | 02/15/42 | 3,650 | 3,480,017 | ||||
Sr. Unsec’d. Notes | |||||||
2.375% | 03/15/31 | 16,605 | 13,979,980 | ||||
3.200% | 03/15/40 | 9,125 | 6,913,898 | ||||
CVS Health Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.250% | 08/15/29 | 57,035 | 52,323,611 | ||||
3.875% | 07/20/25 | 1,178 | 1,156,267 | ||||
4.300% | 03/25/28 | 9,442 | 9,215,221 | ||||
4.780% | 03/25/38(a) | 40,326 | 37,260,530 | ||||
5.125% | 07/20/45 | 41,205 | 37,952,743 | ||||
5.300% | 12/05/43 | 20,115 | 19,086,037 | ||||
6.250% | 06/01/27(a) | 1,000 | 1,041,282 | ||||
Eli Lilly & Co., | |||||||
Sr. Unsec’d. Notes | |||||||
1.700% | 11/01/49 | EUR | 12,000 | 9,453,315 | |||
4.950% | 02/27/63 | 3,000 | 2,912,985 | ||||
5.000% | 02/09/54 | 4,775 | 4,750,324 | ||||
5.100% | 02/09/64 | 11,435 | 11,403,135 | ||||
GlaxoSmithKline Capital, Inc. (United Kingdom), | |||||||
Gtd. Notes | |||||||
3.875% | 05/15/28(a) | 11,490 | 11,167,170 |
A16
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pharmaceuticals (cont’d.) | |||||||
Johnson & Johnson, | |||||||
Sr. Unsec’d. Notes | |||||||
2.100% | 09/01/40(a) | 8,585 | $5,906,588 | ||||
2.450% | 09/01/60(a) | 1,490 | 885,880 | ||||
3.400% | 01/15/38 | 4,365 | 3,743,211 | ||||
3.625% | 03/03/37 | 6,385 | 5,664,596 | ||||
Mead Johnson Nutrition Co. (United Kingdom), | |||||||
Gtd. Notes | |||||||
4.125% | 11/15/25 | 3,175 | 3,113,339 | ||||
Merck & Co., Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.750% | 12/10/51 | 4,188 | 2,739,910 | ||||
Mylan, Inc., | |||||||
Gtd. Notes | |||||||
5.400% | 11/29/43 | 4,169 | 3,657,629 | ||||
Novartis Capital Corp. (Switzerland), | |||||||
Gtd. Notes | |||||||
4.000% | 11/20/45 | 4,625 | 3,991,083 | ||||
Shire Acquisitions Investments Ireland DAC, | |||||||
Gtd. Notes | |||||||
3.200% | 09/23/26 | 4,755 | 4,542,893 | ||||
Takeda Pharmaceutical Co. Ltd. (Japan), | |||||||
Sr. Unsec’d. Notes | |||||||
3.025% | 07/09/40(a) | 2,375 | 1,792,362 | ||||
Utah Acquisition Sub, Inc., | |||||||
Gtd. Notes | |||||||
5.250% | 06/15/46 | 41,068 | 34,087,191 | ||||
Viatris, Inc., | |||||||
Gtd. Notes | |||||||
3.850% | 06/22/40 | 4,605 | 3,400,178 | ||||
4.000% | 06/22/50 | 3,080 | 2,118,925 | ||||
649,337,571 | |||||||
Pipelines — 9.0% | |||||||
Boardwalk Pipelines LP, | |||||||
Gtd. Notes | |||||||
3.400% | 02/15/31 | 4,460 | 3,956,142 | ||||
Buckeye Partners LP, | |||||||
Sr. Unsec’d. Notes | |||||||
4.125% | 12/01/27 | 20,000 | 18,848,590 | ||||
Colonial Pipeline Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.250% | 04/15/48 | 8,381 | 6,995,405 | ||||
Columbia Pipelines Operating Co. LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
6.544% | 11/15/53 | 4,250 | 4,596,538 | ||||
6.714% | 08/15/63 | 13,890 | 15,203,046 | ||||
DCP Midstream Operating LP, | |||||||
Gtd. Notes | |||||||
3.250% | 02/15/32 | 6,655 | 5,729,614 | ||||
5.125% | 05/15/29 | 6,975 | 6,953,445 | ||||
5.375% | 07/15/25 | 17,404 | 17,357,236 | ||||
5.600% | 04/01/44 | 7,379 | 7,201,419 | ||||
8.125% | 08/16/30 | 6,000 | 6,884,362 | ||||
Gtd. Notes, 144A | |||||||
6.450% | 11/03/36 | 10,766 | 11,258,729 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pipelines (cont’d.) | |||||||
6.750% | 09/15/37 | 890 | $964,822 | ||||
Eastern Gas Transmission & Storage, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.600% | 12/15/44 | 915 | 786,682 | ||||
Enbridge, Inc. (Canada), | |||||||
Gtd. Notes | |||||||
6.700% | 11/15/53(a) | 22,050 | 24,817,090 | ||||
Energy Transfer LP, | |||||||
Gtd. Notes | |||||||
5.350% | 05/15/45 | 2,875 | 2,649,008 | ||||
Jr. Sub. Notes, Series G | |||||||
7.125%(ff) | 05/15/30(oo) | 26,000 | 25,473,901 | ||||
Sr. Unsec’d. Notes | |||||||
4.200% | 04/15/27 | 5,000 | 4,863,755 | ||||
4.900% | 03/15/35 | 5,735 | 5,424,834 | ||||
5.000% | 05/15/50 | 24,385 | 21,382,354 | ||||
5.150% | 02/01/43 | 4,450 | 3,978,919 | ||||
5.300% | 04/01/44 | 12,420 | 11,434,185 | ||||
5.300% | 04/15/47 | 2,500 | 2,274,304 | ||||
5.400% | 10/01/47 | 29,625 | 27,353,482 | ||||
6.000% | 06/15/48 | 8,083 | 8,038,815 | ||||
6.125% | 12/15/45 | 30,335 | 30,522,630 | ||||
6.250% | 04/15/49 | 45,565 | 46,788,123 | ||||
7.500% | 07/01/38 | 11,000 | 12,646,479 | ||||
Sr. Unsec’d. Notes, Series 20Y | |||||||
5.800% | 06/15/38 | 19,814 | 19,690,649 | ||||
EnLink Midstream Partners LP, | |||||||
Sr. Unsec’d. Notes | |||||||
5.450% | 06/01/47 | 4,233 | 3,677,687 | ||||
Enterprise Products Operating LLC, | |||||||
Gtd. Notes | |||||||
3.950% | 01/31/60 | 10,390 | 8,082,797 | ||||
4.150% | 10/16/28 | 6,750 | 6,567,296 | ||||
4.200% | 01/31/50 | 25,110 | 21,216,845 | ||||
4.250% | 02/15/48 | 18,060 | 15,449,418 | ||||
4.450% | 02/15/43 | 7,935 | 7,080,093 | ||||
4.800% | 02/01/49 | 5,698 | 5,250,309 | ||||
4.850% | 08/15/42 | 1,990 | 1,865,569 | ||||
4.850% | 03/15/44 | 5,775 | 5,410,050 | ||||
4.900% | 05/15/46 | 34,397 | 32,078,491 | ||||
4.950% | 10/15/54 | 3,110 | 2,901,590 | ||||
5.100% | 02/15/45 | 6,532 | 6,270,331 | ||||
5.375%(ff) | 02/15/78 | 7,380 | 6,904,168 | ||||
5.700% | 02/15/42 | 5,100 | 5,225,741 | ||||
6.125% | 10/15/39 | 3,937 | 4,205,695 | ||||
Gtd. Notes, Series D | |||||||
6.875% | 03/01/33 | 55 | 61,907 | ||||
Gtd. Notes, Series D, 3 Month SOFR + 3.248% | |||||||
8.573%(c) | 08/16/77 | 4,312 | 4,296,272 | ||||
EQM Midstream Partners LP, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 08/01/24 | 2,620 | 2,602,486 | ||||
Gulfstream Natural Gas System LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.950% | 10/15/45 | 19,904 | 18,034,238 |
A17
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pipelines (cont’d.) | |||||||
Kinder Morgan Energy Partners LP, | |||||||
Gtd. Notes | |||||||
4.700% | 11/01/42 | 11,190 | $9,551,459 | ||||
5.000% | 08/15/42 | 2,010 | 1,788,972 | ||||
5.000% | 03/01/43 | 1,176 | 1,042,604 | ||||
5.400% | 09/01/44 | 878 | 818,051 | ||||
6.500% | 02/01/37 | 900 | 940,917 | ||||
6.500% | 09/01/39 | 5,545 | 5,777,652 | ||||
6.550% | 09/15/40 | 4,370 | 4,585,007 | ||||
Gtd. Notes, MTN | |||||||
6.950% | 01/15/38 | 575 | 629,321 | ||||
Kinder Morgan, Inc., | |||||||
Gtd. Notes | |||||||
3.600% | 02/15/51(a) | 25,499 | 17,810,988 | ||||
5.050% | 02/15/46 | 1,759 | 1,564,509 | ||||
Midwest Connector Capital Co. LLC, | |||||||
Gtd. Notes, 144A | |||||||
3.900% | 04/01/24 | 8,625 | 8,625,000 | ||||
MPLX LP, | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 04/15/38 | 6,469 | 5,746,014 | ||||
4.700% | 04/15/48 | 31,677 | 27,040,719 | ||||
4.875% | 12/01/24 | 1,566 | 1,556,977 | ||||
4.900% | 04/15/58 | 9,705 | 8,151,409 | ||||
4.950% | 03/14/52 | 4,017 | 3,529,068 | ||||
5.200% | 03/01/47 | 2,690 | 2,462,787 | ||||
5.200% | 12/01/47 | 14,490 | 13,256,442 | ||||
5.500% | 02/15/49 | 46,665 | 44,486,790 | ||||
Northwest Pipeline LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 04/01/27 | 1,162 | 1,128,853 | ||||
ONEOK Partners LP, | |||||||
Gtd. Notes | |||||||
6.125% | 02/01/41 | 1,325 | 1,367,158 | ||||
6.200% | 09/15/43 | 18,615 | 19,206,004 | ||||
6.850% | 10/15/37 | 1,742 | 1,896,249 | ||||
ONEOK, Inc., | |||||||
Gtd. Notes | |||||||
3.100% | 03/15/30 | 8,745 | 7,827,885 | ||||
3.400% | 09/01/29 | 4,705 | 4,334,297 | ||||
4.200% | 03/15/45 | 4,130 | 3,135,668 | ||||
4.450% | 09/01/49 | 7,495 | 6,072,955 | ||||
4.500% | 03/15/50 | 18,730 | 15,251,543 | ||||
4.550% | 07/15/28 | 15,725 | 15,431,975 | ||||
4.850% | 02/01/49 | 17,700 | 15,359,588 | ||||
4.950% | 07/13/47 | 18,108 | 15,901,267 | ||||
5.200% | 07/15/48 | 4,999 | 4,584,117 | ||||
6.625% | 09/01/53 | 20,431 | 22,525,509 | ||||
Plains All American Pipeline LP/PAA Finance Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.550% | 12/15/29 | 4,215 | 3,867,157 | ||||
Southern Natural Gas Co. LLC, | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.800% | 03/15/47 | 1,250 | 1,030,221 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Pipelines (cont’d.) | |||||||
Spectra Energy Partners LP, | |||||||
Gtd. Notes | |||||||
4.500% | 03/15/45 | 565 | $478,340 | ||||
Targa Resources Corp., | |||||||
Gtd. Notes | |||||||
6.125% | 03/15/33 | 5,000 | 5,218,462 | ||||
6.250% | 07/01/52 | 9,000 | 9,309,105 | ||||
6.500% | 02/15/53(a) | 42,737 | 45,909,119 | ||||
Tennessee Gas Pipeline Co. LLC, | |||||||
Gtd. Notes, 144A | |||||||
2.900% | 03/01/30 | 4,710 | 4,126,411 | ||||
Transcontinental Gas Pipe Line Co. LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.600% | 03/15/48 | 2,100 | 1,854,806 | ||||
5.400% | 08/15/41 | 1,544 | 1,538,245 | ||||
Western Midstream Operating LP, | |||||||
Sr. Unsec’d. Notes | |||||||
5.300% | 03/01/48 | 15,385 | 13,408,269 | ||||
5.450% | 04/01/44 | 3,175 | 2,915,834 | ||||
5.500% | 08/15/48 | 19,930 | 17,628,970 | ||||
6.150% | 04/01/33(a) | 1,085 | 1,112,346 | ||||
Williams Cos., Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 11/15/30(a) | 3,770 | 3,428,237 | ||||
3.500% | 10/15/51 | 17,225 | 12,254,322 | ||||
3.750% | 06/15/27 | 990 | 952,606 | ||||
4.900% | 01/15/45 | 10,477 | 9,366,484 | ||||
5.100% | 09/15/45 | 5,887 | 5,455,893 | ||||
5.300% | 08/15/52 | 7,130 | 6,808,326 | ||||
5.400% | 03/04/44 | 16,409 | 15,577,010 | ||||
5.750% | 06/24/44 | 13,955 | 13,893,413 | ||||
5.800% | 11/15/43 | 3,434 | 3,422,050 | ||||
6.300% | 04/15/40 | 15,935 | 16,832,420 | ||||
1,001,031,341 | |||||||
Real Estate — 0.0% | |||||||
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
3.875% | 03/20/27(a) | 4,600 | 4,350,873 | ||||
Real Estate Investment Trusts (REITs) — 1.0% | |||||||
Alexandria Real Estate Equities, Inc., | |||||||
Gtd. Notes | |||||||
5.625% | 05/15/54 | 15,880 | 15,600,380 | ||||
Brandywine Operating Partnership LP, | |||||||
Gtd. Notes | |||||||
4.550% | 10/01/29(a) | 1,265 | 1,103,974 | ||||
Brixmor Operating Partnership LP, | |||||||
Sr. Unsec’d. Notes | |||||||
3.850% | 02/01/25 | 5,300 | 5,209,339 | ||||
3.900% | 03/15/27 | 11,645 | 11,173,959 | ||||
4.125% | 05/15/29 | 6,449 | 6,081,668 | ||||
Simon Property Group LP, | |||||||
Sr. Unsec’d. Notes | |||||||
3.800% | 07/15/50(a) | 4,300 | 3,289,218 | ||||
5.850% | 03/08/53 | 12,000 | 12,360,643 |
A18
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||||
SITE Centers Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.625% | 02/01/25 | 3,719 | $3,663,625 | ||||
4.700% | 06/01/27 | 2,020 | 1,990,826 | ||||
Ventas Realty LP, | |||||||
Gtd. Notes | |||||||
4.000% | 03/01/28 | 11,554 | 11,018,115 | ||||
4.400% | 01/15/29 | 17,246 | 16,601,883 | ||||
Welltower OP LLC, | |||||||
Gtd. Notes | |||||||
2.750% | 01/15/31 | 6,635 | 5,709,150 | ||||
3.100% | 01/15/30 | 7,500 | 6,753,325 | ||||
4.250% | 04/01/26 | 3,070 | 3,009,697 | ||||
4.250% | 04/15/28 | 9,620 | 9,335,092 | ||||
Weyerhaeuser Co., | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 04/15/30 | 2,100 | 1,983,526 | ||||
114,884,420 | |||||||
Retail — 1.5% | |||||||
Alimentation Couche-Tard, Inc. (Canada), | |||||||
Gtd. Notes, 144A | |||||||
3.550% | 07/26/27 | 20,000 | 19,069,686 | ||||
4.500% | 07/26/47 | 15,758 | 13,456,938 | ||||
AutoNation, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.400% | 08/01/31 | 4,570 | 3,684,004 | ||||
AutoZone, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.750% | 04/18/29 | 9,490 | 8,980,160 | ||||
Brinker International, Inc., | |||||||
Gtd. Notes, 144A | |||||||
5.000% | 10/01/24(a) | 17,675 | 17,561,951 | ||||
Dollar Tree, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.000% | 05/15/25 | 5,000 | 4,917,172 | ||||
4.200% | 05/15/28 | 29,165 | 28,192,967 | ||||
Home Depot, Inc. (The), | |||||||
Sr. Unsec’d. Notes | |||||||
3.900% | 06/15/47 | 20,500 | 16,779,802 | ||||
4.200% | 04/01/43 | 5,422 | 4,725,596 | ||||
4.250% | 04/01/46 | 9,395 | 8,125,854 | ||||
5.875% | 12/16/36 | 8,382 | 8,994,863 | ||||
Macy’s Retail Holdings LLC, | |||||||
Gtd. Notes | |||||||
5.125% | 01/15/42 | 1,875 | 1,628,022 | ||||
McDonald’s Corp., | |||||||
Sr. Unsec’d. Notes, MTN | |||||||
4.200% | 04/01/50 | 4,675 | 3,908,116 | ||||
4.600% | 05/26/45 | 5,325 | 4,787,621 | ||||
4.875% | 12/09/45 | 5,000 | 4,660,813 | ||||
O’Reilly Automotive, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.900% | 06/01/29 | 2,340 | 2,240,761 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Retail (cont’d.) | |||||||
Walmart, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.500% | 09/09/52 | 9,335 | $8,643,305 | ||||
4.500% | 04/15/53 | 3,440 | 3,179,540 | ||||
163,537,171 | |||||||
Semiconductors — 0.9% | |||||||
Broadcom, Inc., | |||||||
Gtd. Notes, 144A | |||||||
3.500% | 02/15/41 | 10,000 | 7,764,795 | ||||
Sr. Unsec’d. Notes, 144A | |||||||
3.137% | 11/15/35 | 50,673 | 40,961,495 | ||||
Intel Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.050% | 08/05/62 | 5,630 | 5,297,316 | ||||
5.600% | 02/21/54 | 4,556 | 4,643,901 | ||||
5.625% | 02/10/43(a) | 2,590 | 2,679,082 | ||||
5.700% | 02/10/53(a) | 28,066 | 29,047,731 | ||||
5.900% | 02/10/63 | 8,340 | 8,834,677 | ||||
99,228,997 | |||||||
Shipbuilding — 0.0% | |||||||
Huntington Ingalls Industries, Inc., | |||||||
Gtd. Notes | |||||||
3.483% | 12/01/27 | 2,467 | 2,317,963 | ||||
Software — 2.6% | |||||||
Microsoft Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.525% | 06/01/50(a) | 43,949 | 28,940,311 | ||||
2.675% | 06/01/60(a) | 39,513 | 25,451,292 | ||||
2.921% | 03/17/52(a) | 77,381 | 54,716,153 | ||||
3.041% | 03/17/62(a) | 36,902 | 25,745,068 | ||||
Oracle Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.600% | 04/01/40 | 5,000 | 3,942,743 | ||||
3.600% | 04/01/50 | 8,279 | 5,976,620 | ||||
3.800% | 11/15/37 | 21,055 | 17,657,140 | ||||
3.850% | 04/01/60 | 12,000 | 8,543,519 | ||||
3.900% | 05/15/35 | 7,346 | 6,449,443 | ||||
3.950% | 03/25/51 | 1,920 | 1,462,311 | ||||
4.000% | 07/15/46 | 32,902 | 25,921,104 | ||||
4.125% | 05/15/45 | 1,300 | 1,049,785 | ||||
4.300% | 07/08/34 | 12,200 | 11,254,091 | ||||
4.375% | 05/15/55 | 23,359 | 18,796,495 | ||||
5.550% | 02/06/53 | 13,580 | 13,266,094 | ||||
6.900% | 11/09/52 | 26,335 | 30,302,652 | ||||
Roper Technologies, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
4.200% | 09/15/28 | 5,885 | 5,717,051 | ||||
285,191,872 | |||||||
Telecommunications — 3.7% | |||||||
AT&T, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
3.500% | 06/01/41 | 36,400 | 28,391,350 | ||||
3.500% | 09/15/53 | 65,637 | 46,370,853 |
A19
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Telecommunications (cont’d.) | |||||||
3.550% | 09/15/55 | 69,667 | $48,676,670 | ||||
3.650% | 09/15/59 | 132,309 | 92,168,179 | ||||
3.800% | 12/01/57 | 22,245 | 16,097,275 | ||||
4.500% | 05/15/35(a) | 22,285 | 20,783,016 | ||||
4.650% | 06/01/44 | 19,400 | 17,086,025 | ||||
Deutsche Telekom International Finance BV (Germany), | |||||||
Gtd. Notes | |||||||
8.750% | 06/15/30 | 1,000 | 1,181,921 | ||||
Motorola Solutions, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.300% | 11/15/30(a) | 3,000 | 2,520,869 | ||||
4.600% | 05/23/29 | 24,200 | 23,725,881 | ||||
Telecom Italia SpA (Italy), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.303% | 05/30/24 | 8,786 | 8,753,079 | ||||
T-Mobile USA, Inc., | |||||||
Gtd. Notes | |||||||
3.000% | 02/15/41 | 27,795 | 20,470,240 | ||||
3.300% | 02/15/51 | 24,035 | 16,807,460 | ||||
4.375% | 04/15/40 | 3,205 | 2,854,887 | ||||
4.500% | 04/15/50 | 4,300 | 3,723,973 | ||||
5.500% | 01/15/55 | 3,415 | 3,410,726 | ||||
Verizon Communications, Inc., | |||||||
Sr. Unsec’d. Notes | |||||||
2.650% | 11/20/40(a) | 6,875 | 4,844,057 | ||||
2.875% | 11/20/50 | 3,510 | 2,293,865 | ||||
2.987% | 10/30/56 | 23,291 | 14,894,166 | ||||
3.550% | 03/22/51(a) | 12,648 | 9,381,314 | ||||
3.700% | 03/22/61 | 31,341 | 22,925,749 | ||||
4.000% | 03/22/50 | 5,566 | 4,501,726 | ||||
411,863,281 | |||||||
Transportation — 1.6% | |||||||
Burlington Northern Santa Fe LLC, | |||||||
Sr. Unsec’d. Notes | |||||||
4.150% | 04/01/45 | 3,535 | 3,014,547 | ||||
4.375% | 09/01/42 | 8,705 | 7,790,881 | ||||
4.400% | 03/15/42 | 10,600 | 9,529,189 | ||||
4.450% | 03/15/43 | 11,312 | 10,171,782 | ||||
4.550% | 09/01/44 | 2,455 | 2,228,711 | ||||
4.700% | 09/01/45 | 3,040 | 2,808,003 | ||||
5.050% | 03/01/41 | 1,620 | 1,581,008 | ||||
5.150% | 09/01/43 | 3,133 | 3,082,100 | ||||
Canadian National Railway Co. (Canada), | |||||||
Sr. Unsec’d. Notes | |||||||
4.400% | 08/05/52(a) | 6,500 | 5,806,867 | ||||
4.500% | 11/07/43 | 2,000 | 1,767,956 | ||||
Canadian Pacific Railway Co. (Canada), | |||||||
Gtd. Notes | |||||||
4.300% | 05/15/43 | 2,680 | 2,328,377 | ||||
4.800% | 09/15/35 | 1,645 | 1,591,456 | ||||
4.950% | 08/15/45 | 10,000 | 9,298,730 | ||||
6.125% | 09/15/2115 | 14,400 | 15,116,498 | ||||
CSX Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.600% | 11/01/26(a) | 5,890 | 5,572,648 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Corporate Bonds (continued) | |||||||
Transportation (cont’d.) | |||||||
3.350% | 11/01/25 | 10,250 | $9,970,601 | ||||
4.500% | 08/01/54 | 10,400 | 9,130,778 | ||||
4.750% | 05/30/42 | 5,000 | 4,655,118 | ||||
5.500% | 04/15/41 | 1,682 | 1,703,304 | ||||
6.150% | 05/01/37 | 1,000 | 1,093,364 | ||||
6.220% | 04/30/40 | 531 | 579,579 | ||||
FedEx Corp., | |||||||
Gtd. Notes | |||||||
4.100% | 04/15/43 | 825 | 677,875 | ||||
4.250% | 05/15/30(a) | 5,095 | 4,929,060 | ||||
4.500% | 02/01/65 | 2,115 | 1,670,999 | ||||
4.550% | 04/01/46 | 6,975 | 6,014,057 | ||||
4.750% | 11/15/45 | 2,925 | 2,591,782 | ||||
Norfolk Southern Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
3.050% | 05/15/50(a) | 7,626 | 5,163,168 | ||||
3.942% | 11/01/47 | 3,667 | 2,923,403 | ||||
3.950% | 10/01/42 | 1,140 | 942,449 | ||||
4.050% | 08/15/52 | 1,585 | 1,272,035 | ||||
4.100% | 05/15/2121 | 10,745 | 7,872,192 | ||||
4.450% | 06/15/45 | 1,700 | 1,480,446 | ||||
4.650% | 01/15/46 | 700 | 625,436 | ||||
4.800% | 08/15/43 | 852 | 754,387 | ||||
4.837% | 10/01/41 | 1,080 | 1,015,891 | ||||
5.590% | 05/17/25 | 3,000 | 3,013,139 | ||||
Union Pacific Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
2.973% | 09/16/62(a) | 1,400 | 876,075 | ||||
3.350% | 08/15/46 | 4,300 | 3,146,330 | ||||
3.799% | 04/06/71 | 23,845 | 17,707,578 | ||||
3.875% | 02/01/55 | 4,805 | 3,781,910 | ||||
3.950% | 08/15/59 | 5,100 | 3,954,884 | ||||
179,234,593 | |||||||
Trucking & Leasing — 0.1% | |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
1.700% | 06/15/26 | 4,325 | 3,988,415 | ||||
3.400% | 11/15/26 | 4,275 | 4,067,394 | ||||
8,055,809 | |||||||
Water — 0.1% | |||||||
American Water Capital Corp., | |||||||
Sr. Unsec’d. Notes | |||||||
5.450% | 03/01/54 | 4,205 | 4,243,595 | ||||
Aquarion Co., | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
4.000% | 08/15/24 | 5,000 | 4,950,960 | ||||
9,194,555 | |||||||
Total Corporate Bonds (cost $11,234,935,007) | 9,896,361,532 |
A20
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Municipal Bonds — 1.7% | |||||||
California — 0.2% | |||||||
Bay Area Toll Authority, | |||||||
Revenue Bonds, BABs, Series F2 | |||||||
6.263% | 04/01/49 | 7,300 | $8,211,753 | ||||
Los Angeles Department of Water & Power, Power System Revenue, | |||||||
Revenue Bonds, BABs | |||||||
6.603% | 07/01/50 | 8,000 | 9,350,662 | ||||
Los Angeles Department of Water & Power, Water System Revenue, | |||||||
Taxable, Revenue Bonds, BABs, Series C | |||||||
6.008% | 07/01/39 | 1,050 | 1,106,205 | ||||
Regents of the University of California Medical Center Pooled Revenue, | |||||||
Taxable, Revenue Bonds, Series Q | |||||||
4.563% | 05/15/53 | 4,375 | 3,980,439 | ||||
22,649,059 | |||||||
District of Columbia — 0.0% | |||||||
District of Columbia Water & Sewer Authority, | |||||||
Taxable, Revenue Bonds, Series A | |||||||
4.814% | 10/01/2114 | 5,000 | 4,602,550 | ||||
Illinois — 0.1% | |||||||
Illinois State Toll Highway Authority, | |||||||
Revenue Bonds, BABs, Series B | |||||||
5.851% | 12/01/34 | 100 | 104,539 | ||||
State of Illinois, | |||||||
General Obligation Unlimited, Taxable | |||||||
5.100% | 06/01/33 | 7,605 | 7,541,065 | ||||
7,645,604 | |||||||
Michigan — 0.2% | |||||||
Michigan State University, | |||||||
Taxable, Revenue Bonds, Series A | |||||||
4.165% | 08/15/2122 | 5,450 | 4,296,997 | ||||
University of Michigan, | |||||||
Taxable, Revenue Bonds, Series A | |||||||
4.454% | 04/01/2122 | 19,144 | 16,483,908 | ||||
Taxable, Revenue Bonds, Series B | |||||||
2.437% | 04/01/40 | 4,810 | 3,567,413 | ||||
Taxable, Revenue Bonds, Series C | |||||||
3.599% | 04/01/47 | 5,000 | 4,258,638 | ||||
28,606,956 | |||||||
Missouri — 0.1% | |||||||
Health & Educational Facilities Authority of the State of Missouri, | |||||||
Taxable, Revenue Bonds, Series A | |||||||
3.652% | 08/15/57 | 19,000 | 14,777,855 | ||||
Missouri Highway & Transportation Commission, | |||||||
Revenue Bonds, BABs | |||||||
5.445% | 05/01/33 | 325 | 327,747 | ||||
15,105,602 | |||||||
New Jersey — 0.4% | |||||||
New Jersey Turnpike Authority, | |||||||
Taxable, Revenue Bonds, BABs, Series A | |||||||
7.102% | 01/01/41 | 29,125 | 34,001,031 |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Municipal Bonds (continued) | |||||||
New Jersey (cont’d.) | |||||||
Taxable, Revenue Bonds, BABs, Series F | |||||||
7.414% | 01/01/40 | 5,145 | $6,186,698 | ||||
40,187,729 | |||||||
New York — 0.0% | |||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||||||
Taxable, Revenue Bonds, BABs | |||||||
5.767% | 08/01/36 | 1,045 | 1,079,464 | ||||
Ohio — 0.0% | |||||||
Ohio State University (The), | |||||||
Taxable, Revenue Bonds, Series A | |||||||
4.800% | 06/01/2111 | 1,300 | 1,190,679 | ||||
Pennsylvania — 0.1% | |||||||
Pennsylvania Turnpike Commission, | |||||||
Revenue Bonds, BABs | |||||||
6.105% | 12/01/39 | 7,575 | 8,330,988 | ||||
University of Pittsburgh-of the Commonwealth System of Higher Education, | |||||||
Taxable, Revenue Bonds | |||||||
3.555% | 09/15/2119 | 5,575 | 3,785,252 | ||||
12,116,240 | |||||||
Puerto Rico — 0.1% | |||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, | |||||||
Revenue Bonds, Restructured, Series A-1 | |||||||
5.000% | 07/01/58 | 6,402 | 6,405,808 | ||||
Texas — 0.3% | |||||||
Dallas Fort Worth International Airport, | |||||||
Taxable, Revenue Bonds, Series A | |||||||
4.087% | 11/01/51 | 1,025 | 891,423 | ||||
North Texas Tollway Authority, | |||||||
Taxable, Revenue Bonds, BABs, Series B | |||||||
6.718% | 01/01/49 | 5,410 | 6,383,764 | ||||
Permanent University Fund - University of Texas System, | |||||||
Taxable, Revenue Bonds, Series A | |||||||
3.376% | 07/01/47 | 16,940 | 13,339,834 | ||||
Texas Private Activity Bond Surface Transportation Corp., | |||||||
Taxable, Revenue Bonds, Series B | |||||||
3.922% | 12/31/49 | 20,700 | 16,978,844 | ||||
37,593,865 | |||||||
Virginia — 0.2% | |||||||
University of Virginia, | |||||||
Taxable, Revenue Bonds, Series B | |||||||
2.584% | 11/01/51 | 15,810 | 10,308,481 | ||||
Taxable, Revenue Bonds, Series C | |||||||
4.179% | 09/01/2117 | 10,570 | 8,479,525 | ||||
18,788,006 | |||||||
Total Municipal Bonds (cost $232,934,436) | 195,971,562 | ||||||
Sovereign Bonds — 0.4% | |||||||
Mexico Government International Bond (Mexico), | |||||||
Sr. Unsec’d. Notes | |||||||
6.400% | 05/07/54 | 29,010 | 28,982,803 |
A21
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||
Sovereign Bonds (continued) | |||||||
Saudi Government International Bond (Saudi Arabia), | |||||||
Sr. Unsec’d. Notes, 144A | |||||||
5.750% | 01/16/54 | 18,705 | $18,512,105 | ||||
Total Sovereign Bonds (cost $47,107,170) | 47,494,908 | ||||||
U.S. Treasury Obligations — 0.4% | |||||||
U.S. Treasury Bonds | |||||||
1.875% | 11/15/51(k) | 4,500 | 2,698,594 | ||||
2.250% | 02/15/52 | 4,000 | 2,633,125 | ||||
2.875% | 05/15/52(k) | 6,000 | 4,543,125 | ||||
3.625% | 05/15/53(k) | 4,365 | 3,837,790 | ||||
4.000% | 11/15/42 | 125 | 117,793 | ||||
4.375% | 08/15/43 | 1,500 | 1,483,125 | ||||
4.500% | 02/15/44 | 4,400 | 4,426,125 | ||||
4.750% | 11/15/43 | 1,315 | 1,364,929 | ||||
4.750% | 11/15/53(k) | 14,750 | 15,754,843 | ||||
U.S. Treasury Notes | |||||||
0.625% | 08/15/30(k) | 4,800 | 3,844,500 | ||||
4.000% | 02/15/34(a) | 2,805 | 2,759,419 | ||||
Total U.S. Treasury Obligations (cost $46,162,344) | 43,463,368 |
Shares | |||||
Preferred Stocks — 0.2% | |||||
Capital Markets — 0.1% | |||||
State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | 305,000 | 7,469,450 | |||
Financial Services — 0.1% | |||||
SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | 565,000 | 13,588,250 | |||
Total Preferred Stocks (cost $21,750,000) | 21,057,700 | ||||
Total Long-Term Investments (cost $12,418,102,094) | 10,997,870,438 | ||||
Short-Term Investments — 2.3% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Ultra Short Bond Fund(wb) | 34,695,933 | 34,695,933 | |||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $222,069,304; includes $220,929,028 of cash collateral for securities on loan)(b)(wb) | 222,158,715 | 222,047,636 | |||
Total Short-Term Investments (cost $256,765,237) | 256,743,569 | ||||
TOTAL INVESTMENTS—100.6% (cost $12,674,867,331) | 11,254,614,007 | ||||
Liabilities in excess of other assets(z) — (0.6)% | (70,998,670) | ||||
Net Assets — 100.0% | $11,183,615,337 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
EUR | Euro |
144A | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
BABs | Build America Bonds |
BNYM | Bank of New York Mellon |
CDX | Credit Derivative Index |
CLO | Collateralized Loan Obligation |
DAC | Designated Activity Company |
EMTN | Euro Medium Term Note |
GMTN | Global Medium Term Note |
ING | ING Financial Markets LLC |
LP | Limited Partnership |
MTN | Medium Term Note |
Q | Quarterly payment frequency for swaps |
REITs | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
SSB | State Street Bank & Trust Company |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $218,172,803; cash collateral of $220,929,028 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2024. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $25,249,863. The aggregate value of $23,914,685 is 0.2% of net assets. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(oo) | Perpetual security. Maturity date represents next call date. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
A22
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Futures contracts outstanding at March 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
789 | 5 Year U.S. Treasury Notes | Jun. 2024 | $84,435,332 | $(60,186) | ||||
8,205 | 10 Year U.S. Treasury Notes | Jun. 2024 | 909,088,400 | 3,809,099 | ||||
1,597 | 10 Year U.S. Ultra Treasury Notes | Jun. 2024 | 183,031,180 | 1,596,156 | ||||
5,345,069 | ||||||||
Short Positions: | ||||||||
139 | 2 Year U.S. Treasury Notes | Jun. 2024 | 28,423,328 | 119,282 | ||||
1,286 | 10 Year Euro-Bund | Jun. 2024 | 185,051,559 | (1,945,959) | ||||
1,177 | 20 Year U.S. Treasury Bonds | Jun. 2024 | 141,754,938 | (2,003,322) | ||||
1,978 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2024 | 255,162,000 | (1,891,054) | ||||
(5,721,053) | ||||||||
$(375,984) |
Forward foreign currency exchange contracts outstanding at March 31, 2024:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 04/02/24 | SSB | EUR | 90,780 | $98,214,565 | $97,956,749 | $— | $(257,816) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 04/02/24 | BNYM | EUR | 90,780 | $98,467,386 | $97,956,749 | $510,637 | $— | ||||||
Expiring 05/02/24 | SSB | EUR | 90,780 | 98,332,942 | 98,071,328 | 261,614 | — | ||||||
$196,800,328 | $196,028,077 | 772,251 | — | ||||||||||
$772,251 | $(257,816) |
Credit default swap agreement outstanding at March 31, 2024:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at March 31, 2024 | Unrealized Appreciation (Depreciation) | |||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | |||||||||||||||
CDX.NA.IG.42.V1 | 06/20/29 | 1.000%(Q) | 690,000 | $(14,955,083) | $(15,816,292) | $(861,209) |
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap |
A23
AST MULTI-SECTOR FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(3) | Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A24